CEO Michael Garcia said the company is looking for loans to help keep it afloat as part of a package that could also eventually see the government purchase an equity stake. (The Globe and Mail)
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CEO Michael Garcia said the company is looking for loans to help keep it afloat as part of a package that could also eventually see the government purchase an equity stake. (The Globe and Mail)
Talking point: In March, U.S. President Donald Trump imposed 25 per cent tariffs on all steel imports. He later hiked those levies to 50 per cent last month, effectively closing the U.S. market to Canadian steel. Algoma Steel, based in Sault Ste. Marie, Ont., relied heavily on that market and sold roughly 60 per cent of its output south of the border before the trade war began. The government has adapted a pandemic-era loan program to support companies hit by tariffs, but Garcia said the terms the government offered Algoma were not appealing. Algoma is the last domestically owned major steel producer in Canada.
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