By The Canadian Press
October 30, 2025
A worker is shown at Algoma Steel in Sault Ste. Marie, Ontario on Friday, April 25, 2025. THE CANADIAN PRESS/Sean Kilpatrick
SAULT STE. MARIE — The head of Algoma Steel says that even if Canada reaches a deal with the United States on steel, there’s no going back to the way things were.
Chief executive Michael Garcia, who is set to retire at year-end, says a resolution would help margins but that the company would have to be mindful of strategic risk in supplying the U.S. market.
The federal government had suggested talks with the U.S. were close on trade deals for sectors like steel and aluminum, before U.S. President Donald Trump announced an abrupt halt to negotiations last week.
Garcia said on a conference call Thursday that the company is focused on being a strategic partner of Canada’s nation-building agenda, reorienting production to focus on domestic demand in areas like defence, infrastructure, energy and manufacturing.
Algoma reported almost half a billion dollars in losses last quarter as the 50 per cent tariffs on steel imposed by the U.S. effectively shut it out of the market.
The Sault St. Marie, Ont.-based producer has secured $500 million in financing from the provincial and federal government to help see it through the transition.
This report by The Canadian Press was first published Oct. 30, 2025.
Companies in this story: (TSX:ASTL)
The Canadian Press
SAULT STE. MARIE — The head of Algoma Steel says that even if Canada reaches a deal with the United States on steel, there’s no going back to the way things were.
Chief executive Michael Garcia, who is set to retire at year-end, says a resolution would help margins but that the company would have to be mindful of strategic risk in supplying the U.S. market.
The federal government had suggested talks with the U.S. were close on trade deals for sectors like steel and aluminum, before U.S. President Donald Trump announced an abrupt halt to negotiations last week.
Garcia said on a conference call Thursday that the company is focused on being a strategic partner of Canada’s nation-building agenda, reorienting production to focus on domestic demand in areas like defence, infrastructure, energy and manufacturing.
Algoma reported almost half a billion dollars in losses last quarter as the 50 per cent tariffs on steel imposed by the U.S. effectively shut it out of the market.
The Sault St. Marie, Ont.-based producer has secured $500 million in financing from the provincial and federal government to help see it through the transition.
This report by The Canadian Press was first published Oct. 30, 2025.
Companies in this story: (TSX:ASTL)
The Canadian Press
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