US EditionOttawa pledges $400M in financial aid for Algoma Steel as tariffs pummel sector
Algoma Steel received $500 million in loans to offset U.S. tariffs and support its shift to electric arc furnace steelmaking, preserving jobs for 2,800 employees.
- Algoma Steel is receiving $500 million in financial aid, consisting of a $400 million loan from the federal government and a $100 million loan from the provincial government.
- The ongoing 50 percent tariff on Canadian steel has negatively impacted Algoma Steel, prompting a shift to Electric Arc Furnace steelmaking, which will cost about C$987 million.
- Michael Garcia expressed gratitude for government support, emphasizing its crucial role in Algoma's transformation and future stability.
- The financing will assist Algoma in providing high-quality steel and supporting Canada's infrastructure and manufacturing sectors amid ongoing trade uncertainty.
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Bradford Today
Millions of dollars for Algoma Steel loan is a matter of sovereignty: Hajdu
OTTAWA — Algoma Steel Group Inc.
Algoma Steel receives $500M in government loans to aid transition in steel markets
Algoma Steel has received a combined $500 million in federal and provincial government liquidity support to help the steelmaker pivot and transform its markets away from the United States.
Algoma Steel Getting $500M in Government Loans to Shift Production From US
Ontario-based Algoma Steel Group Inc. will receive $500 million in federal and provincial loan assistance to help reorient its business to cope with the impact of U.S. tariffs. Ottawa’s $400 million in financial assistance will come from the Large Enterprise Tariff Loan program. The Ontario government will also provide $100 million to the Sault Ste. Marie, Ont.-based company. The federal government said in a statement the impact of U.S. tariffs …
Algoma Steel Group, an Ontario-based company, will receive $500 million in federal and provincial funding in the form of loans to help address the impact of U.S. tariffs.
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Algoma Steel getting $500M in government loans to shift production from U.S.
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