US EditionAlgoma Steel Suspends Dividend as Tariffs Disrupt Industry
CANADA, JUL 30 – Algoma Steel faced a $110.6 million loss due to rising U.S. tariffs, paying $64.1 million in duties while suspending dividends and shifting to electric arc furnace production.
- Algoma Steel Group Inc. has suspended its dividend due to a net loss of $110.6 million in the last quarter, compared to a net income of $6.1 million a year earlier.
- The company faced $64.1 million in tariffs this quarter, a stark contrast to none in the same period in 2024.
- On June 4, the U.S. increased tariffs on steel imports to 50 percent, impacting Algoma Steel significantly.
- Algoma Steel is seeking $500 million in federal support due to ongoing uncertainty from U.S. tariffs on Canadian steel.
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Coverage Details
Total News Sources20
Leaning Left10Leaning Right3Center3Last UpdatedBias Distribution63% Left
Bias Distribution
- 63% of the sources lean Left
63% Left
L 63%
C 19%
R 19%
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