Algoma Steel reports net loss of $110.6-million as tariffs weigh on bottom line
The steel maker reported a net loss of $110.6-million during the quarter compared with net income of $6.1-million a year earlier.
Algoma Steel says it paid $64.1-million in tariffs during the quarter, compared with none during the same 2024 period.
Revenue during the second quarter came in at $589.7-million, lower than $650.5-million the year before.
Algoma Steel CEO Michael Garcia says the firm's operational results met its expectations for the quarter, but were affected by tariff uncertainty and weak steel demand.
Last week, the company said it is seeking $500-million in federal support as it faces continued uncertainty from U.S. tariffs on Canadian steel.
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