Algoma Steel to Cut 40% of Staff as Tariffs Crush Sales
Algoma’s sales dropped 13% in the third quarter and it reported a direct tariff expense of C$89.7 million ($64.1 million) in that period, saying the US steel market had become “largely closed to us.”
Photographer: Justin Tang/The Canadian Press/APCanadian steelmaker Algoma Steel Group Inc. will let go of 1,000 employees and close its blast furnace in northern Ontario within months as it seeks to stem losses resulting from US tariffs.
The company, based in the city of Sault Ste. Marie, is also shuttering its coke-making operation as it plans to transition to making steel solely by electric-arc furnace in early 2026, a year ahead of schedule, Algoma said Monday in an emailed statement.