US EditionAlgoma Steel Seeking $500M in Federal Support Amid Ongoing Concern over U.S. Tariffs
ALGOMA DISTRICT, ONTARIO, JUL 23 – Algoma Steel requests $400 million to $600 million in federal loans to offset the impact of 50% U.S. tariffs that have halved its steel sales to the U.S., CEO said.
- On July 24, 2025, Algoma Steel, Marie, Ontario-based steel producer, hopes to secure between $400-million and $600-million in loans, ATTRIBUTION: YES- The Globe and Mail.
- Under U.S. tariff pressure, Algoma Steel applied for the Large Enterprise Tariff Loan program announced by Ottawa in March, in response to mounting pressure from U.S. President Donald Trump.
- Algoma Steel sold between 50 and 60 per cent of its steel to the U.S. before tariffs, has enough resources on hand to manage liquidity over the near term.
- A national steel producers association representative warned that any Canadian company selling more than 50 per cent of its steel to the U.S. will be in deep trouble, while Garcia described the government's initial loan terms as 'take it or leave it'.
- The company plans to evaluate capital investments in defense and construction to reinforce industrial resilience and low-carbon transformation, with additional financing dependent on the trade dispute's duration and market exposure to unfair imports.
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Sault Ste. Marie's steel producer announced that it had applied for this funding under the CGETDD.
·Montreal, Canada
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Winnipeg Free Press+9 Reposted by 9 other sources
Algoma Steel seeking federal support amid ongoing concern over U.S. tariffs
Breaking News, Sports, Manitoba, Canada
·Winnipeg, Canada
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Total News Sources25
Leaning Left6Leaning Right2Center5Last UpdatedBias Distribution46% Left
Bias Distribution
- 46% of the sources lean Left
46% Left
L 46%
C 38%
15%
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