Algoma Steel asks Ottawa for $500M over U.S. tariff uncertainty
By Staff
The Canadian Press
Posted July 24, 2025 9:23 am
1 min read
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Algoma Steel says it is seeking $500 million in federal support as the company faces continued uncertainty from U.S. tariffs on Canadian steel.
The Sault Ste. Marie, Ont.-based steel producer says it applied for the funding under the Large Enterprise Tariff Loan program, announced by Ottawa in March to support companies affected by tariffs and countermeasures.The company says in a press release it remains concerned with the “significant impact” that U.S. tariffs are having on its operations and outlook. In June, U.S. President Donald Trump signed an executive order doubling his country’s tariffs on steel and aluminum imports to 50 per cent.
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Algoma says it has enough resources on hand to manage its liquidity over the near term, but it is considering various options to achieve support and diversify its customer base, “given the ongoing uncertainty caused by the U.S. tariffs resulting in a structural imbalance in the Canadian market.” Story continues below advertisement
That includes an evaluation of capital investments “that align with long-term domestic demand in sectors such as defence and construction, while reinforcing Canada’s industrial resilience and low-carbon transformation.”It says the amount of additional financing it could seek will partly depend on the duration and severity of the trade dispute “and the extent to which the Canadian steel market remains exposed to unfairly priced imports.”
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