Algoma Steel receives $345M commitment from South Korean shipbuilder | CBC News An agreement between Algoma Steel and Hanwha Ocean would allow for the creation of a new structural steel beam mill in Sault Ste. Marie, which the federal government says could create hundreds of new ...

Good news! #Canada #Algomasteel

South Korean submarine maker signs MOU with Algoma Steel In its bid to win the massive contract to build Canada’s next generation of submarines, South Korea’s Hanwha Ocean is entering into a long-term strategic arrangement with Algoma Steel, which could res...

👇🇰🇷 🇨🇦"South Korean submarine maker signs MOU with Algoma Steel" #AlgomaSteel #SouthKorea #Canada
#CanadianSubmarines

Algoma Steel receives $345M commitment from South Korean shipbuilder | CBC News An agreement between Algoma Steel and Hanwha Ocean would allow for the creation of a new structural steel beam mill in Sault Ste. Marie, which the federal government says could create hundreds of new ...

The plant announced today that #SouthKorean-based #HanwhaOcean has committed to providing #AlgomaSteel with up to $345 million for the creation of the mill and the purchase of Algoma products.

The agreement is dependent on whether South Korean businesses WIN a #submarinecontract to build a fleet.

Canadian Infrastructure - Canadian Steel - Buy Canadian

#canada #BuyCanadian #ShopCanadian #AlgomaSteel #Steel #CanadianSteel #Steelworkers

#Canada EXPLODES As #AlgomaSteel LAYS OFF 1.000 Workers - #Carney Explodes!

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'They've just ruined 1,000 Christmases.' Sault Ste. Marie residents fear grim aftermath of Algoma Steel layoffs — Toronto Star Just weeks before Christmas, Algoma Steel said it would be laying off 1,000 workers, representing more than a third of the company's workforce.

"They do this after sitting on $900 million in government money? It's outrageous."

#NoStringsAttached #AlgomaSteel #TheSoo
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Algoma Steel CEO: Feds knew about plans for layoffs before giving $400M loan The head of Algoma Steel says the federal government and Government of Ontario knew the company’s business plan included a re-tooling of its Sault Ste. Marie plant that would result in layoffs before ...

The 2023 agreement with #AlgomaSteel and its workers specified #mitigation measures like the transitional trades helper program, D-2 license and 0-8 tonne hoisting training, and approved training leaves. #Unions says Algoma didn’t create these and claims #EAFletter not in force. #cdnpoli

ANALYSIS | Algoma Steel is cutting 1,000 jobs. So why did it receive millions in government loans? | CBC News Just over two months after it was announced Algoma Steel would receive $500 million in government loan guarantees, the steel producer said it was issuing 1,000 layoff notices to workers at its plant i...

👇🇨🇦"Algoma Steel is cutting 1,000 jobs. So why did it receive millions in government loans?" #AlgomaSteel
#GovernmentLoans

Next time @cbcnews.ca and @jptasker.bsky.social interview a CEO that’s laying off 1000 employees after receiving $500 million in taxpayer dollars, ask them what reductions their management and top brass are taking to minimize those layoffs. #corporategreexd #AlgomaSteel #SaultSteMarie.

Ford is a jobs disaster! Algoma Steel cuts 1,000 jobs despite $100M loan from Ford gov't. Meanwhile, Ontarians are left to pick up the pieces. #FordIsAJobsDisaster #AlgomaSteel #OntarioJobs #ONpoli

This Is Personal I was born and raised in Sault Saint Marie Ontario (the Soo). Back in the day, Algoma steel was the largest employer in the Soo. At one time, Algoma steel employed 10,000 people. During university …

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#Trump #Algomasteel

Companies, corporations, senior executives...always looking for handouts but will screw the worker everytime they can. Profits, dividends, stock options & if workers got to go oh well. This loan needs to be taken back. @mark-carney.bsky.social #cdnpoli #algomasteel

Government loans give Algoma more breathing room for transition Government lifelines announced Monday could help Algoma Steel Group Inc. navigate through the effective loss of the U.S. market as it looks to focus on supplying Canadian buyers.

Government loans give #AlgomaSteel more breathing room for transition ca.finance.yahoo.com/news/algoma-...

Millions of dollars for Algoma Steel loan is a matter of sovereignty: Hajdu OTTAWA — Algoma Steel Group Inc. is set to receive half a billion dollars in government loans to help it reorient its business away from the United States as the federal government argues supporting t...

Millions of dollars for #AlgomaSteel loan is a matter of sovereignty: Hajdu ca.finance.yahoo.com/news/algoma-...

Canada announces C$400 million financial aid for Algoma Steel OTTAWA (Reuters) -Canada's government is to provide C$400 million ($287.13 million) in financial support for Algoma Steel under its large enterprise tariff relief scheme, Jobs Minister Patty Hajdu sai...

Canada's government is to provide C$400 million ($287.13 million) in financial support for #AlgomaSteel under its large enterprise tariff relief scheme ca.finance.yahoo.com/news/canada-... #cdnpoli

$500M government loan for Ontario-based steel company fighting tariffs The Ontario government is collaborating with the federal government to invest in a steel company amidst changi...

Ontario-owned steel company given $500M loan in light of tariff challenges.
#OntNews #AlgomaSteel
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Canada announces $400 million financial aid for Algoma Steel as tariffs hit Canada’s government announced a $400 million financial support for Algoma Steel under its large enterprise tariff relief scheme, Jobs Minister Patty Hajdu said on Monday.

Canada announces $400 million financial aid for Algoma Steel as tariffs hit #AlgomaSteel #Aid #Canada #cdnpoli

The loan will “help Algoma Steel Inc. continue operations, transition to a business model less reliant on the United States,
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Algoma Steel seeks up to $600-million from Ottawa in emergency trade war relief Company has outsized exposure to Donald Trump’s tariffs, with its single Ontario mill relying heavily on U.S. market

Algoma Steel is Canada's last Canadian-owned steel maker. Maker of steel plate for defence. Canada can't afford to lose it. The federal government should agree to a fair deal. Not a bailout, but an investment, with an equity stake so taxpayers are protected. #cdnpoli #sault #algomasteel

Algoma Steel’s credit rating drops at S&P due to U.S. tariffs impact Investing.com -- S&P Global Ratings has downgraded the credit rating of Canada-based steel producer Algoma Steel Inc. from ’B-’ to ’CCC+’ due to the significant impact of the 25% U.S. tariffs on steel imports from Canada. The credit rating agency anticipates these tariffs to persist over the next few years, leading to sustained cash flow deficits for Algoma Steel and likely resulting in an unsustainable capital structure. The lowered rating also applies to the company’s second-lien secured notes due in 2029, which have been downgraded from ’B’ to ’B-’. The recovery rating stands at ’2’, indicating a substantial recovery expectation, between 70% to 90%, in case of a payment default. The future rating outlook is developing, implying potential for a higher or lower rating over the next 12 months. If cash flow deficits significantly erode Algoma’s liquidity, increasing the likelihood of default, the rating could be further lowered. On the other hand, if cash flow prospects improve and Algoma’s capital structure is no longer seen as unsustainable, the rating could be raised. This scenario would likely involve reduced U.S. tariffs on steel imports from Canada and increased production at Algoma’s new electric arc furnace (EAF) facility. Algoma Steel, which gets about 60% of its revenue from sales to customers in the U.S., has been subject to a 25% tariff on all its steel shipments to the U.S. since March 12, 2025. The company has struggled to offset these tariffs with higher prices. For the first quarter of 2025, the tariffs cost Algoma approximately C$11 million for about two weeks of shipments, leading to negative EBITDA. The tariff costs are estimated to amount to C$65 million-C$70 million per quarter based on projected sales volumes over the next 12 months. The Canadian steel market is also dealing with an excess supply of sheet, which makes up about 85% of Algoma’s shipment volumes. Foreign markets previously selling to the U.S. are now redirecting some volumes to Canada, limiting Algoma’s ability to realize better prices. Algoma’s liquidity sources, as of March 31, 2025, included about C$227 million of cash and C$361 million availability under its asset-based lending (ABL) facility. These funds are expected to support the completion and ramp-up of its EAF project through the end of this year. However, negative EBITDA generation is expected under the base-case scenario that assumes tariffs remain in effect, which could lead to significant deterioration of the company’s liquidity through 2026. Algoma’s transition to EAF steelmaking is expected to increase capacity and potentially improve its cost profile over the longer term. The company plans to start steelmaking from its first EAF facility later this quarter, with a second facility set to be completed before the end of the year. Algoma expects to transition away from its current blast furnace operations by the end of 2026, a move that could increase its capacity while reducing its fixed costs, lowering its sustaining capital expenditure (capex), and cutting its carbon emissions. The company has already spent about 90% of its estimated project capital costs of C$900 million-C$925 million, with most of the remaining spending under fixed-price contracts, reducing the risk of significant cost escalations. Despite this, the company remains exposed to unanticipated ramp-up issues, or an inability to achieve management’s targeted per-unit cost. The future rating outlook considers the possibility of the current 25% tariff on U.S. steel imports from Canada remaining in place, which could lead to further deterioration in Algoma’s credit profile. However, the rating could be raised if cash flow prospects improve due to reduced tariffs and increased production at its new EAF facility. This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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Carney campaign visits steel factory to highlight promises to fight Trump tariffs SAULT STE. MARIE – Liberal Leader Mark Carney took his election campaign to a steel factory today to highlight his party’s promise to forge a procurement strategy that relies on homegrown...

Liberal Leader Mark Carney visits steel factory to highlight promises to fight Trump tariffs #Canada #FederalElection #cdnpoli #Elxn45 #CanadaVotes #AlgomaSteel /1 thread

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Tariffs, Trade, and Triumphs: Canada Fights Back Hey there, folks! Today, we're diving into some recent news articles that might seem unrelated at first glance, but trust me, they're all connected by a common thread. That thread is the impact of tra...

Tariffs, Trade, and Triumphs: Canada Fights Back

#WorkerOwnership #Tariffs #Canada #AlgomaSteel #BobRae #Strategy #Solidarity

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