Algoma Steel Group Inc. commented on the ongoing trade impasse and prolonged tariff environment in Canada, expressing concern over the significant impact of the current 50% Section 232 tariff on Canadian steel. The company is exploring various alternatives to bolster its liquidity.
As part of these efforts, Algoma has applied to the federal Large Enterprise Tariff Loan (LETL) program for $500 million. Discussions are ongoing regarding the potential terms of this support.
The company is also evaluating capital investments that align with long-term domestic demand in sectors such as defense and construction. This strategic diversification aims to reinforce Canada’s industrial resilience and low-carbon transformation.
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