{"id":837808,"date":"2026-07-31T08:53:10","date_gmt":"2026-07-31T08:53:10","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/837808\/"},"modified":"2026-07-31T08:53:10","modified_gmt":"2026-07-31T08:53:10","slug":"algoma-steel-doubles-down-on-canada-as-u-s-tariffs-constrain-shipments","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/837808\/","title":{"rendered":"Algoma Steel doubles down on Canada as U.S. tariffs constrain shipments"},"content":{"rendered":"

Open this photo in gallery:<\/a><\/p>\n

Algoma shares ended about 10 per cent lower on Thursday, closing at $5.35 on the Toronto Stock Exchange.Nick Iwanyshyn\/The Canadian Press<\/p>\n

The chief executive of Algoma Steel ASTL-T<\/a> says the company is ramping up its pivot to the Canadian market as headwinds from U.S. tariffs constrain its shipments south of the border.<\/p>\n

Rajat Marwah says the steelmaker incurred US$18.7-million in direct tariff costs in the second quarter, down from US$64.1-million a year ago, as it reduced its exports to the U.S.<\/p>\n

\u201cThe 50 per cent U.S. Section 232 tariff on steel imports from Canada continues to define the operating landscape,\u201d he said during a second-quarter earnings call on Thursday.<\/p>\n

The Sault Ste. Marie-based company reported its shipments during the quarter were approximately 181,500 tons, down 62 per cent year-over-year. Shipments to the U.S. represented 23 per cent, down from 54 per cent last year and lower than its historical range of 45 to 55 per cent.<\/p>\n

Algoma shares ended about 10 per cent lower on Thursday, closing at $5.35 on the Toronto Stock Exchange.<\/p>\n

The company said its continuing its transition to electric arc furnace steelmaking and its pivot to making steel plates while reducing emphasis on steel coil, which remains in excess supply in Canada.<\/p>\n

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Marwah said plate shipments in the second quarter were about 125,000 tons in the second quarter, up from 116,000 tons in the first quarter. <\/p>\n

\u201cWe expect plate production to continue to increase as our ramp-up progresses through 2026,\u201d he said.<\/p>\n

Algoma has been ramping up steel plate production as it repositions itself as a crucial steel player in the Canadian defence supply chain. <\/p>\n

However, its memorandum of understanding with Hanwha Ocean Co., Ltd. for the country\u2019s upcoming submarine program was suspended earlier this month, after the federal government picked Thyssenkrupp Marine Systems as its preferred supplier to begin negotiations for Canada\u2019s next sub fleet.<\/p>\n

Still, Marwah said that wouldn\u2019t change Algoma\u2019s plans for structural steel beams.<\/p>\n

\u201cOur strategy to pivot into beams is not changing because that market is there and it\u2019s available and we will be working toward getting that initiated,\u201d he said.<\/p>\n

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Algoma is also viewing its recent partnership with defence manufacturer Roshel Inc. to form Roshel Algoma Defence as a \u201cstrategic pillar\u201d of Canada\u2019s defence supply chain, Marwah said.<\/p>\n

Algoma reported a net loss of $96-million during its second quarter, compared with a net loss of $110.6-million during the prior-year quarter. <\/p>\n

That amounted to a net loss per diluted share of 88 cents, compared with a net loss of $1.02 per diluted share last year.<\/p>\n","protected":false},"excerpt":{"rendered":"Open this photo in gallery: Algoma shares ended about 10 per cent lower on Thursday, closing at $5.35…\n","protected":false},"author":2,"featured_media":837809,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[901,888,902,879,877,903,45,49,48,876,895,896,891,878,875,46,549,295,894,887,914,880,881,893,889,890,884,904,885,909,910,912,907,911,905,908,882,898,899,714,897,906,865,61,900,892,886,883,913],"class_list":["post-837808","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-alberta","tag-arts-news","tag-bc","tag-breaking-news","tag-breaking-news-video","tag-british-columbia","tag-business","tag-ca","tag-canada","tag-canada-news","tag-canada-sports","tag-canada-sports-news","tag-canada-trafficcanada-weather","tag-canadian-breaking-news","tag-canadian-news","tag-economy","tag-education","tag-environment","tag-federal-government","tag-foreign-news","tag-globe-and-mail","tag-globe-and-mail-breaking-news","tag-globe-and-mail-canada-news","tag-government","tag-life-news","tag-lifestyle","tag-local-news","tag-manitoba","tag-national-news","tag-new-brunswick","tag-newfoundland-and-labrador","tag-northwest-territories","tag-nova-scotia","tag-nunavut","tag-ontario","tag-pei","tag-photos","tag-political-news","tag-political-opinion","tag-politics","tag-politics-news","tag-quebec","tag-sports-news","tag-technology","tag-travel","tag-trudeau","tag-us-news","tag-world-news","tag-yukon"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/837808","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=837808"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/837808\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/837809"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=837808"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=837808"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=837808"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}