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Algoma Steel Group Inc
Symbol ASTL
Shares Issued 105,661,468
Close 2026-10-28 C$ 6.94
Market Cap C$ 733,290,588
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Globe says Algoma told Joly getting results from Stelco

2026-10-29 07:32 ET - In the News

The Globe and Mail reports in its Thursday edition that laid-off Ontario steel workers at Stelco could be back on the job by Christmas, depending on sufficient domestic procurements of steel, Cleveland-Cliffs chief executive officer Lourenco Goncalves says. The Globe's Niall McGee writes that in a statement to The Globe on Wednesday, he said that increased demand could result in Cliffs recalling 175 people who have lost their jobs. "It will depend on Canadian customers buying Canadian steel, made by Stelco," Mr. Goncalves said. "If our plan works, my intention is to call back all the 175 workers before Christmas." Stelco late last month said it was cutting up to 500 jobs in Canada. It is unclear how Stelco can generate sufficient demand for its domestic steel by Christmas to justify bringing back its workers. Industry Minister Mélanie Joly has said multiple times that Ohio-based Cliffs could be forced to divest Stelco because of alleged violations of its Investment Canada Act commitments, including those concerning employment levels. Last Thursday, she said she knew of potential buyers interested in acquiring Stelco, a statement that has raised the ire of Mr. Goncalves. "Stelco is not for sale," he told The Globe.

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