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Tariffs, transition to electric furnace lead to Algoma Steel’s $159M Q1 loss

Quarterly revenue fell to $296.9 million as direct tariff costs rose to $27.4 million and shipments dropped sharply during the EAF transition.

Summary by CTV News
Algoma Steel, which has transitioned to electric arc furnace steelmaking and is reeling from 50 per cent U.S. tariffs, reported a first-quarter operating loss of $153.5 million on May 12.

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Tariffs, transition to electric furnace lead to Algoma Steel’s $159M Q1 loss

Algoma Steel, which has transitioned to electric arc furnace steelmaking and is reeling from 50 per cent U.S. tariffs, reported a first-quarter operating loss of $153.5 million on May 12.

·Canada
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Sault StarSault Star
Lean Right

Sales slump in Q1 for Algoma Steel

Algoma Steel Group lost nearly $160 million in the first quarter.

·Sault Ste. Marie, Canada
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Sault Star broke the news in Sault Ste. Marie, Canada on Wednesday, May 13, 2026.
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