Algoma Steel reports net loss of $110.6M in Q2 amid tariff pressures

Bloomberg
30 Jul

SAULT STE. MARIE — Algoma Steel Group Inc. says lower steel shipment volumes and tariffs weighed on its bottom line during the second quarter.

The steel maker reported a net loss of $110.6 million during the quarter compared with net income of $6.1 million a year earlier.

Algoma Steel says it paid $64.1 million in tariffs during the quarter, compared to none during the same 2024 period.

Revenue during the second quarter came in at $589.7 million, lower than $650.5 million the year before.

Algoma Steel CEO Michael Garcia says the firm’s operational results met its expectations for the quarter, but were affected by tariff uncertainty and weak steel demand.

Last week, the company said it is seeking $500 million in federal support as it faces continued uncertainty from U.S. tariffs on Canadian steel.

This report by The Canadian Press was first published July 29, 2025.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10