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Algoma Reports $159.4M Loss in the First Quarter, Compared with $24.5M Loss Last Year
Tariff costs rose to $27.4 million as Algoma’s transition to electric-arc-furnace steelmaking cut shipments by 52.4%, the company said.
- On Tuesday, May 12, Algoma Steel Group Inc. reported a first-quarter net loss of $159.4 million, driven by the transition to electric arc furnace steelmaking and elevated tariff expenses.
- Algoma permanently closed its legacy blast furnace on January 18, 2026, ending 125 years of coal-based steelmaking, while direct tariff costs surged to $27.4 million compared to $10.5 million last year.
- Shipments declined 52.4% to approximately 224,000 tons, as the company narrowed its U.S. export reliance to 28% of total volume and shifted focus toward Canada's domestic plate market.
- Algoma CEO Rajat Marwah announced a strategic pivot toward discrete plate production, bolstered by partnerships with Roshel Algoma Defence and a memorandum of understanding with Hanwha Ocean Co., Ltd.
- The producer ended the quarter with approximately $553 million in total liquidity and expects improved margins as the new electric arc furnace platform ramps up through 2026.
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The President and Chief Executive Officer of Algoma Steel Group stated that US tariffs on steel imports continue to weigh heavily on its operating environment, while the company's net loss increased in the last quarter.
·Montreal, Canada
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Winnipeg Free Press+2 Reposted by 2 other sources
Algoma reports $159.4M loss in the first quarter, compared with $24.5M loss last year
SAULT STE. MARIE - Algoma Steel Group Inc. reported a net loss of $159.4 million during the first quarter, compared with a net loss of $24.5 million during the same period a year earlier.
·Winnipeg, Canada
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Total News Sources10
Leaning Left3Leaning Right2Center4Last UpdatedBias Distribution45% Center
Bias Distribution
- 45% of the sources are Center
45% Center
L 33%
C 45%
R 22%
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