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Algoma Steel Q2 Loss of $96M Driven by U.S. Tariffs, Transition to Electric Steelmaking
Algoma said adjusted EBITDA was $13.8 million as shipments fell 61.6% and tariff costs dropped to $18.7 million.
- On Thursday, July 30, 2026, the leading Canadian steel plate producer Algoma Steel Group Inc. reported a net loss of $96.0 million for the second quarter, as the company continues its strategic transition toward an Electric Arc Furnace steelmaking platform.
- "Our pivot to a plate-first strategy is working," CEO Rajat Marwah said. Unit One continues on a 24-hour schedule while Unit Two construction nears completion for a Third Quarter launch.
- Consolidated revenue reached $267.5 million during the period, while the company incurred $18.7 million in direct tariff costs, a significant decline from the $64.1 million recorded in the prior-year quarter.
- As of the end of the period, the company held approximately $437 million in total available liquidity and remains focused on disciplined cash management to support its ongoing ramp-up and strengthen domestic supply chain resilience.
- Annual raw steel production capacity is expected to reach approximately 3.7 million tons, and the facility is projected to reduce annual carbon emissions by approximately 70% from pre-transformation levels.
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23 Articles
23 Articles
Algoma Steel Q2 loss of $96M driven by U.S. tariffs, transition to electric steelmaking
Algoma Steel in Sault Ste. Marie reported a second-quarter loss of $96 million this week, as 50 per cent tariffs on steel into the United States continue to impact the steelmaker’s bottom line.
·Toronto, Canada
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Algoma Steel Continues Focus on Canadian Market as US Tariffs Hamper Shipments
The chief executive of Algoma Steel says the company is ramping up its pivot to the Canadian market as headwinds from U.S. tariffs constrain its shipments south of the border. Rajat Marwah says the steelmaker incurred $18.7 million in direct tariff costs in the second quarter, down from $64.1 million a year ago, as it reduced its exports to the U.S. “The 50 percent U.S. Section 232 tariff on steel imports from Canada continues to define the oper…
·New York, United States
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Coverage Details
Total News Sources23
Leaning Left10Leaning Right5Center4Last UpdatedBias Distribution53% Left
Bias Distribution
- 53% of the sources lean Left
53% Left
L 53%
C 21%
R 26%
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