Rajat Marwah will take over as CEO on Jan. 1. Michael Moraca promoted to chief financial officer<\/p>\n
Rajat Marwah, chief financial officer at Algoma Steel Group Inc., will take over from Michael Garcia as the company’s chief executive officer effective Jan. 1, 2026.<\/p>\n
The company said the change is part of a planned succession and leadership transition.<\/p>\n
Michael Moraca, who is currently Algoma’s treasurer and vice president, corporate development, will replace Marwah\u00a0as chief financial officer.<\/p>\n
After the markets closed this evening, the company also announced\u00a0a staggering consolidated loss from operations of $652 million during its third quarter, including a\u00a0non-cash impairment loss of $503.4 million.<\/p>\n
That compared to a loss from operations of $83.6 million during the same quarter last year.<\/p>\n
Net loss during the quarter was $485.1 million, compared to $106.6 million in the prior-year quarter.<\/p>\n
Adjusted EBITDA loss was $87.1 million.<\/p>\n
The company reported tariffs cost it $89.7 million during the quarter.<\/p>\n
“Michael Garcia, the company’s chief executive officer, will retire from Algoma Steel at the end of this calendar year after successfully leading the company through a period of major transformation,” said an Algoma Steel Group news release.<\/p>\n
“In late 2024, Mr. Garcia informed the board of directors that he was considering retirement, at which time the board initiated a comprehensive succession planning process to ensure a smooth transition of leadership.”<\/p>\n
“Mr. Marwah has been with Algoma since 2008 and has played a central role in shaping the company’s long-term strategy, capital markets initiatives and business transformation.<\/p>\n
“He brings deep experience in corporate development, strategic planning, and stakeholder engagement, and has been instrumental in advancing Algoma’s\u00a0transition to electric arc steelmaking.”<\/p>\n
\u201cOn behalf of the board, I want to thank Mike for his strong leadership during a pivotal period for Algoma,\u201d said Andy Harshaw, chair\u00a0of Algoma’s board of directors.<\/p>\n
“Under his tenure, the company\u00a0has strengthened its foundation, advanced its electric arc furnace\u00a0project, and built an exceptional team.<\/p>\n
“Through close collaboration with Mike, the board\u00a0has ensured a thoughtful and seamless succession and leadership transition at the right time for the company.<\/p>\n
“We are pleased to welcome Rajat as CEO and have every confidence that he will lead Algoma forward with clarity and purpose. We also congratulate Michael Moraca on his appointment as chief financial officer, which reflects the depth of talent and leadership capability across the company,” Harshaw said.<\/p>\n
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