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Algoma Steel Says Shipments Down 31% in Q4, Driven by Tariffs; Net Loss Widens
Algoma Steel's Q4 revenue dropped to $455 million with tariff costs hitting $60.6 million amid a 31% shipment decline and workforce cuts to about 1,800 employees.
- On Wednesday, Algoma Steel Group Inc. reported a net loss of $364.7 million for the quarter ended Dec. 31, with results first published on March 11, 2026.
- Before the trade war, the U.S. market accounted for about 60 per cent of Algoma's revenue, and U.S. duties increased to 50, constraining access, with $60.6 million in tariff costs.
- Shipments fell 31 per cent to 378,533 tons, and revenue declined to $455 million, with a $27 million reduction from price gaps as Canadian prices were up to 40 per cent lower vs U.S.
- The layoffs, which take effect on March 23, will see the company incur severance costs of $45.8 million and reduce the workforce to about 1,800 workers.
- The company accelerated its electric arc furnace rollout as the first EAF began production in July and now runs 24-hour furnace operations while pivoting to plate production for military applications.
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Sask TodayAlgoma Steel's fourth quarter loss widens to $364.7M from $66.5M last year
Algoma Steel Group Inc. reported a net loss of $364.7 million in the fourth quarter compared with a net loss of $66.5 million during the same period a year earlier. That amounted to a net loss per common share of $3.36 compared with a net loss of 61 cents in the prior year quarter. The Sault Ste. Ma...
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Total News Sources13
Leaning Left5Leaning Right2Center5Last UpdatedBias Distribution42% Left, 42% Center
Bias Distribution
- 42% of the sources lean Left, 42% of the sources are Center
42% Center
L 42%
C 42%
R 16%
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