0755 ET - Algoma Steel Group holds significant upside potential if a U.S.-Canada trade deal is finalized. RBC's James McGarragle says a reduction in US tariffs to 25%, from 50%, with an annual 4 million ton export quota, in line with recent negotiations, would reopen the US market. McGarragle also says increased U.S. exports would drive a Canadian domestic pricing recovery. "A deal of this structure would potentially drive meaningful FCF [free cash flow] (C$378MM/yr, 60% yield), enable debt repayment, and represent a significant re-rating catalyst," McGarragle says, adding that "we are not calling for a U.S.-Canada trade deal--but we think investors should be ready for one."