President Trump announced that tariffs on steel and aluminum imports would be doubled to 50%, effective Wednesday, June 4, 2025. This move follows previous levies of 25% that have been in place since February.
The increased tariffs are part of broader trade tensions and are expected to put further pressure on steel markets. Algoma Steel had previously indicated that existing tariffs posed a significant challenge to its operations.
This escalation in tariffs is anticipated to have a material impact on Algoma Steel's cross-border business and overall financial performance, as the company has already been absorbing levies to remain competitive.
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