Algoma Steel suspends dividend as tariffs disrupt industry
The Sault Ste. Marie-based steel producer says it suspended the dividend as a prudent way to preserve financial flexibility during ongoing macroeconomic uncertainty.
The move came as the company reported a net loss of $110.6 million during the second 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 period in 2024.
Shipments to the U.S. represented 54 per cent of total volume during the second quarter. On June 4, the U.S. increased tariffs on steel imports to 50 per cent.
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.
"The uncertain market environment has created headwinds for shipments and pricing across the industry," said Garcia in a statement.
Revenue during the second quarter came in at $589.7 million, lower than $650.5 million the year before.
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.
This report by The Canadian Press was first published July 30, 2025.
Companies in this story: (TSX:ASTL)
The Canadian Press
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
15 minutes ago
- Yahoo
Matsato Knife Official Launch in Australia, USA – Redefining Precision and Power in the Kitchen
Matsato Kitchen Knife official launch of the Matsato Knife a high-performance culinary blade crafted for chefs and home cooks across Australia, the United States, Canada, and the UK. Engineered for razor-sharp precision, ergonomic comfort, and long-lasting durability. transform your cooking experience Matsato Knife New York City, NY, Aug. 02, 2025 (GLOBE NEWSWIRE) --Matsato Knife a trailblazing brand in premium kitchen cutlery, is thrilled to announce the official launch of the Matsato Knife in Australia, the United States, Canada, and the United Kingdom. Crafted with centuries-old Japanese blacksmithing techniques and modern engineering, the Matsato Knife is set to revolutionize the culinary experience for home cooks and professional chefs alike. With its razor-sharp blade, ergonomic design, and innovative features, Matsato Knife promises to elevate kitchen performance while embodying the brand's commitment to precision, durability, and style. A New Standard in Kitchen Cutlery The Matsato Knife is more than just a kitchen tool—it's a masterpiece of craftsmanship designed to transform the way people prepare food. Inspired by the artistry of samurai sword-making, Matsato combines traditional Japanese techniques with contemporary innovation to create a knife that delivers unparalleled sharpness, balance, and comfort. Whether slicing delicate vegetables, carving meats, or chopping herbs, the Matsato Knife ensures effortless precision, making every cut a seamless extension of the user's skill. Click Here To Visit Official Website The launch of Matsato Knife in Australia, the United States, Canada, and the UK marks a significant milestone for the brand, which has already garnered global attention for its quality and performance. With a focus on accessibility and excellence, Matsato aims to empower cooks across these key markets to elevate their culinary creations with a tool that is as functional as it is beautiful. The Matsato Knife: Engineered for Excellence The Matsato Knife stands out in the crowded cutlery market due to its meticulous design and superior craftsmanship. Every aspect of the knife has been carefully engineered to meet the needs of modern kitchens while honoring the heritage of Japanese blade-making. Here are the key features that make the Matsato Knife a must-have for any kitchen: Premium 4CR14 Stainless Steel Blade: Forged from high-grade Japanese stainless steel, the Matsato Knife boasts exceptional hardness, corrosion resistance, and edge retention. Its ice-hardened blade, cooled to -148°F, forms a wear-resistant martensite structure, ensuring long-lasting sharpness even with heavy use. Razor-Sharp 15-Degree Edge: The blade's precision edge allows for clean, effortless cuts through a variety of ingredients, from soft tomatoes to dense proteins, delivering professional-quality results with minimal effort. Anti-Stick Dimple Design: The blade features a unique dimpled texture that creates air pockets to prevent food from sticking. This innovation is particularly effective for slicing sticky ingredients like cheese, potatoes, or raw meat, ensuring smooth, efficient prep. Ergonomic Beech Wood Handle: Crafted from roasted beech wood, the handle is contoured for comfort and provides a non-slip grip, reducing hand and wrist fatigue during extended use. Its sleek, dark grain adds a touch of elegance to the knife's aesthetic. Innovative Blade Hole: A laser-carved circular hole in the blade enhances grip versatility, allowing users to adopt a pinch grip for precision tasks or a standard grip for chopping. This feature improves control and reduces strain, making the Matsato Knife ideal for both novice and experienced cooks. Balanced Full Tang Construction: The full tang design, where the blade extends through the entire handle, ensures perfect weight distribution, enhancing stability and precision during every cut. The Matsato Knife is the result of a meticulous 138-step manufacturing process that blends traditional Japanese forging methods with modern quality control. Each knife undergoes rigorous testing to ensure it meets the highest standards of craftsmanship, making it a reliable companion for years of culinary creativity. Click Here To Visit Official Website Why Matsato Knife? The Matsato Kitchen Knife addresses common pain points in the kitchen, such as dull blades, uncomfortable grips, and inefficient cutting. Unlike mass-produced knives that prioritize cost over quality, Matsato delivers a premium experience at an accessible price point of $29.95 (after a 70% launch discount). Here's why the Matsato Knife is a game-changer: Effortless Cutting: The razor-sharp edge and anti-stick dimples allow users to slice through ingredients with minimal pressure, reducing prep time and ensuring clean, uniform cuts. Enhanced Safety: Contrary to common misconceptions, a sharper knife is safer than a dull one. The Matsato Knife's enduring sharpness minimizes the need for excessive force, reducing the risk of slips and accidents. Versatility: From fine mincing to heavy carving, the Matsato Knife excels in a wide range of kitchen tasks, making it suitable for both home cooks and professional chefs. Comfort and Control: The ergonomic handle and balanced design make the knife feel like a natural extension of the hand, enabling precise cuts without fatigue. Durability: The ice-hardened stainless steel and robust beech wood handle ensure the Matsato Knife withstands the rigors of daily use while maintaining its pristine condition. By focusing on the Matsato Knife brand, the company has created a product that resonates with culinary enthusiasts who value performance, aesthetics, and value. Launch Strategy: Bringing Matsato Knife to Key Markets The launch of Matsato Knife in Australia, the United States, Canada, and the UK is a strategic move to meet the growing demand for high-quality kitchen tools in these regions. Each market was chosen for its vibrant culinary culture and appreciation for premium craftsmanship: Australia: Known for its diverse food scene, from fresh seafood to multicultural cuisines, Australia is a prime market for the Matsato Knife. Home cooks and chefs in cities like Sydney and Melbourne will appreciate its versatility and precision for preparing everything from barbecued meats to delicate salads. United States: With a strong culture of home cooking and professional culinary arts, the U.S. is a key focus for Matsato. From bustling restaurant kitchens in New York to suburban homes in California, the Matsato Knife is poised to become a staple for American cooks. Canada: Canadians, with their love for farm-to-table cooking and seasonal ingredients, will find the Matsato Knife an ideal tool for creating wholesome, beautifully presented dishes. United Kingdom: The UK's rich culinary heritage, from traditional roasts to modern fusion cuisine, makes it a perfect fit for the Matsato Knife. Chefs and home cooks in London, Manchester, and beyond will value its ability to deliver precise, professional-quality cuts. To support the launch, Matsato is offering a limited-time 70% discount, bringing the price to $29.95, along with free shipping and a 30-day money-back guarantee. The knives are available exclusively through the official website, Matsato Knife, ensuring authenticity and quality. Click Here To Visit Official Website Real-World Impact: What Users Are Saying Since its soft launch, the Matsato Knife has received glowing feedback from users across the globe. In Australia, the United States, Canada, and the UK, both professional chefs and home cooks have praised its performance: Emma T., Sydney, Australia: 'I use my Matsato Knife every day for meal prep, and it's a game-changer. The sharpness is unreal, and the handle feels so comfortable. It's made cooking so much more enjoyable!' James R., New York, USA: 'As a professional chef, I'm picky about my tools. The Matsato Knife outperforms knives that cost three times as much. The dimples really help when cutting sticky ingredients like cheese.' Sophie L., Toronto, Canada: 'I love how lightweight yet sturdy this knife is. It makes chopping vegetables so easy, and the blade hole gives me better control for precise cuts.' Liam H., London, UK: 'The Matsato Knife has transformed my kitchen prep. It's sharp, balanced, and looks stunning. I've already bought another as a gift for my mum!' These testimonials highlight the Matsato Knife's ability to deliver consistent, high-quality results across diverse culinary tasks. Addressing Market Challenges The Matsato Knife launch comes at a time when consumers are increasingly frustrated with subpar kitchen tools. Many knives on the market are either too expensive for the average home cook or lack the durability and sharpness needed for consistent performance. Matsato addresses these challenges by offering a premium product at an affordable price, backed by rigorous quality control and a customer-centric approach. However, Matsato is aware of concerns raised in some online forums about aggressive marketing tactics and imitation products. The company is committed to transparency and ethical practices, ensuring that all purchases are made through its official website to avoid counterfeit knives. resolution. The Science of Matsato Knife The Matsato Knife is the result of extensive research and development, combining advanced metallurgy with user-focused design. The blade's 4CR14 stainless steel is subjected to a sophisticated heat treatment process, including ice-hardening at -148°F, to enhance strength and edge retention. The 15-degree edge angle is optimized for precision, while the dimpled blade texture reduces food adhesion, improving efficiency. The ergonomic handle, made from roasted beech wood, is designed to minimize strain and maximize grip security, even during prolonged use. This scientific approach ensures that every Matsato Knife delivers consistent performance, making it a trusted tool for both novice and experienced cooks. Matsato's Commitment to Quality and Community Beyond creating an exceptional product, Matsato is dedicated to fostering a community of culinary enthusiasts. The brand plans to launch online forums and social media groups where users can share recipes, tips, and experiences with their Matsato Knife. Additionally, Matsato is committed to sustainability, using eco-friendly packaging and partnering with suppliers who prioritize ethical sourcing. Matsato also aims to give back to the communities in Australia, the United States, Canada, and the UK by supporting local culinary schools and food banks. A portion of every sale will be donated to initiatives that promote food education and access to nutritious meals. The Future of Matsato Knife The launch of Matsato Knife is just the beginning. The brand plans to expand its product line with specialized knives for tasks like filleting, bread cutting, and vegetable prep. Matsato is also exploring partnerships with culinary influencers and restaurants to showcase the knife's versatility in professional settings. 'We're not just launching a knife; we're launching a movement to make cooking more accessible, enjoyable, and precise,' said Harry Bailey, Matsato spokesperson. 'The Matsato Knife is designed for everyone who loves food, from home cooks to Michelin-starred chefs. We're excited to bring this tool to Australia, the United States, Canada, and the UK, and we can't wait to see how it inspires culinary creativity.' How to Get Your Matsato Knife The Matsato Knife is available for purchase at Matsato Knife, with a special launch price of $29.95, free shipping, and a 30-day money-back guarantee. To ensure authenticity, Matsato recommends buying directly from the official website and warns against purchasing from unauthorized retailers to avoid imitations. About Matsato Matsato is a leading innovator in premium kitchen cutlery, dedicated to blending traditional Japanese craftsmanship with modern design. Headquartered in Kearny, New Jersey, Matsato creates tools that empower cooks to achieve precision, efficiency, and creativity in the kitchen. With a focus on quality, affordability, and sustainability, Matsato is committed to transforming the culinary experience for home cooks and professionals worldwide. For more information, visit Matsato Knife. Click Here To Visit Official Website Disclaimer: This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include expectations regarding the success and impact of the Matsato Knife. Actual results may differ materially due to various risks and uncertainties, including market acceptance and competitive pressures. Matsato undertakes no obligation to update these statements except as required by law. For media inquiries, please contact:Harry BaileyProject Name: Matsato KnifeMatsato Support TeamEmail: contact@ +1 (434) 425-7300Website: Matsato Knife CONTACT: Harry Bailey Project Name: Matsato Knife Matsato Support Team Email: contact@ Phone: +1 (434) 425-7300 Website: in to access your portfolio
Fox News
17 minutes ago
- Fox News
Coming up on ‘Fox News Sunday': August 3rd, 2025
This week on 'Fox News Sunday,' Shannon Bream speaks with National Economic Council Director Kevin Hassett about President Donald Trump's latest tariff announcement, and Sen. Tim Kaine, D-Va., about the ongoing crisis in Gaza.
Forbes
18 minutes ago
- Forbes
Apple's $275 Billion China Bet Is Now A Major Risk
Apple sells more than 220 million iPhones a year. By most estimates, nine in ten are made in China. Many of the components in Apple products are made, sourced, and assembled in China. The tech giant reported robust earnings for the three months to June, but the future is cloudy. It has been for some time because of Apple's reliance on China and the increasing tension between China and the US. Tariffs are one manifestation of the growing geopolitical strife. Chief executive Tim Cook told analysts on a conference call that tariffs had already cost Apple $800 million in the previous quarter, and may add $1.1bn in costs to the next quarter. But it is not just the costs that tariffs will add to the Apple supply chain. Apple has nurtured Chinese companies whose products are now highly competitive with the tech giant. In the book Apple in China, the author Patrick McGee reports that Apple pledged in 2016 that over the following five years, it would invest more than $275 billion in China. That pledge was exceeded. The sophisticated supply chain Apple built in the country, with suppliers that Apple nurtured, is now being leveraged by Chinese companies, notably Huawei, to build sophisticated electronics products. Huawei's Mate XT is a more expensive phone with alluring features than the iPhone. Apple isn't expected to match these product capabilities until 2017. Apple has gone from leadership in design in this market, with the margins to match, to having serious competition. How could Apple have been so stupid? A fundamental concept of risk management is that you don't put all your eggs in one basket. Patrick McGee explains how this came to be in his outstanding book. McGee interviewed over 200 people, mostly Apple employees, to provide insights on this 'famously secretive company.' Apple's Historic Supply Chain Historically, Apple manufactured its own products across several regions. In 1983, Apple opened a highly automated plant in Fremont, California, to produce the first Macintosh computers. Apple established a presence in Europe with a plant in Cork, Ireland. This plant, which opened in 1980, later manufactured customized Macintosh computers for European markets. This is the historic way of hedging your bets and managing risk. Apple understood this principle. But as contract manufacturing emerged as an alternative to a company owning its own manufacturing plants, Apple experimented with this model and achieved positive outcomes. The theory behind contract manufacturing is that companies should focus on what they do best, their core competencies. In Apple's case, that was design. Initially, they were working with American firms and had plants in the US. But Taiwanese headquartered Foxconn proved to have better capabilities than its US rivals, and Foxconn won an increasing share of Apple's final assembly business. You can still practice effective risk management using contract manufacturers with plants in different regions of the world. Foxconn, at Apple's behest, did experiment with manufacturing in other regions of the world in addition to China. But Foxconn, a tremendously harsh taskmaster when it comes to their labor force, struggled to achieve the same level of quality, cost, and scalability anywhere but in their facilities in mainland China. Foxconn then committed to relying on production based in China. As Foxconn delivered better results than its competitors, they gained a larger and larger share of Apple's business. Apple's Strategy in Procurement Apple does not believe in win/win procurement or vested outsourcing. McGee points out that the iPhone accounts for fewer than 20% of smartphones sold globally, yet it garners more than 80% of industry profits. 'In no other market does a minority player command this kind of dominance.' 'Insofar as this statistic was discussed at all, it was chalked up to Apple's brand appeal.' This is not entirely true, says McGee. Apple was able to get suppliers to work for a pittance. As the design leader, suppliers came to believe that other electronics OEMs would copy the cutting-edge features in Apple phones and that they would be the leading contenders to win deals with Apple's competitors. These deals would command much higher margins. The Taiwanese contract manufacturer Foxconn was the first to come to this conclusion. They bet big on this model. And they grew to be the world's largest contract manufacturer based on this bet. A Different Approach to Contract Manufacturing Companies can differentiate their products in different ways. Differentiation can be based on price, a broad set of product choices, service, or market-leading product capabilities. Being on the cutting edge of design is how Apple has always differentiated itself. This led to a fundamentally different kind of supply chain for Apple. Apple's electronics rivals sell a limited number of units across dozens of different models per year. The follow-the-leader strategy employed by these companies was based on using standardized parts with wider tolerances. 'But Apple was different,' McGee wrote. 'Apple's product portfolio remained radically simplified. Even by 2015, Apple was only releasing two new iPhones a year. They were hand crafting luxury phones but doing it in mass market quantities. In their search for suppliers, Apple gravitated toward quality, not price. To reach that quality, Apple had to come up with new processes to make the phones; but until Apple chose a new design these processes wouldn't exist. So it had to work far more intimately with suppliers.' This supplier intimacy model included designing and purchasing the equipment that the suppliers used. This is very different from standard contract manufacturing, where the contract manufacturer purports to have better manufacturing capabilities than the companies they work for, and their clients take a hands-off approach to managing production. 'Apple took extraordinary control over its suppliers to ensure it was getting the appropriate prices,' McGee explained. 'It demanded access to every detail about the suppliers' operating costs, from the wages of its workers and the cost of its dormitories to the bill of materials and expense of the machinery.' Apple also procured components on behalf of the suppliers. 'In fact, Apple often had a better sense of the supplier's operation costs than the supplier itself.' And as Foxconn concentrated on manufacturing in China, an industrial cluster of suppliers would grow up around these plants. Apple engineers would teach these suppliers, competing suppliers for different components, how to do quality manufacturing on a huge scale. China Subsidized Manufacturing in China Foxconn concentrated on manufacturing in China not just because of the low wages of the Chinese workers, but because the state subsidized and promoted export-led production in numerous ways. If you want to build a new factory in the US or Europe, obtaining the necessary building permits and complying with other regulations can take years. In China, authorities could make this happen in months. China would give Foxconn and some of the suppliers the land on which the factories would be built and then build the road infrastructure at no cost to Foxconn or their suppliers. Initially, China even bought new machine tools for companies like Foxconn. Local regions often lacked the necessary workers. China facilitated getting these workers from other, poorer regions of the nation. Are there rules about the number of hours workers are allowed to work, overtime, or environmental compliance? China prioritized building a sophisticated manufacturing base over the enforcement of these pesky regulations. Apple Has Been Captured by China McGee concludes that for Apple to extricate itself from production in China will be tremendously difficult. Suppliers with the requisite skills don't exist in other regions, and there is no guarantee that China will permit its indigenous suppliers to produce outside the country. The Chinese government can also make diversification painful. Beijing has deployed a number of tactics against other companies to make this point. Electricity suddenly becomes available for only a few hours a day. Raw materials can be stopped before they arrive at the factory. McGee concludes that there is no way Apple could diversify from China in any meaningful way within the next five years. 'It's just impossible.'
