US EditionSault Ste. Marie MP says Algoma Steel loans ‘absolutely critical’ to its survival
Federal and provincial governments provide $500 million loan to support Algoma Steel as it shifts away from the U.S. market due to 50% tariffs by the Trump administration.
- Ottawa announced Monday that federal and provincial loans will support Algoma Steel, including $400 million from the Large Enterprise Tariff Loan program.
- Facing recently announced tariffs, local leaders warned of market disruption as measures effectively closed the American market to Canadian steel, according to sources.
- Sheehan praised the lifeline from Ottawa and the province, saying `This will allow them to pivot to the future, to diversify what and how they produce` for Algoma Steel.
- Against uncertain U.S. politics, Ottawa is preparing domestic steel policy changes, and Sheehan said he will pursue a national strategy while warning Ottawa must prepare for uncertainty in American politics and Trump's legacy.
- Algoma Steel's CEO said he expects survival and notes it could take up to two years to pivot away from the U.S. market, which accounts for 50 to 60 per cent of its output.
33 Articles
33 Articles
NiagaraFallsReview.ca
Carney government gives itself option to buy into Algoma Steel with loan to save it from Trump’s tariffs
The loan to the Sault Ste. Marie steel firm was announced on Monday and includes $100 million from the Ontario government and $400 million from the federal government.
Winnipeg Free Press
Sault Ste. Marie MP says Trump tried to wipe Algoma Steel 'off the map'
Breaking News, Sports, Manitoba, Canada
Sault Ste. Marie businesses remain concerned with continued tariffs
Government support announced to help Algoma Steel’s liquidity allows some Sault Ste. Marie businesses to breathe a quick sigh of relief, but the waters ahead remain choppy, local leaders say.
Sault Ste. Marie MP says Trump tried to wipe Algoma Steel ‘off the map’
OTTAWA — The member of Parliament for Sault Ste. Marie and the Algoma region says U.S. President Donald Trump tried to "wipe Algoma Steel off the map" with his punishing tariffs. But Terry Sheehan says the federal government's recently announced lifeline for the steel plant will be "critical" to its survival and allow the company to "pivot to the future" and diversify its product. He told reporters on Parliament Hill today that while it could ta…
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