SAULT STE. MARIE – Algoma Steel Group Inc. says it expects to report an adjusted loss before deductions of between $80 million to $90 million in its third quarter results.
The Sault Ste. Marie-based steel producer says in its guidance for the quarter ending Sept. 30 that it expects steel shipments for quarter to be between 415,000 and 420,000 net tons.
For the same period last year, the company reported adjusted earnings before interest, taxes, depreciation and amortization of $3.5 million, and shipped 520,443 net tons.
The company has been hit hard by U.S. tariffs that Algoma says has effectively closed the market, while global overproduction in the steel sector in recent years has also been weighing on the company.
Algoma announced Monday that it had secured $500 million in loans from the federal and provincial governments to help it navigate the trade war and reorient production to the Canadian market.
The company also announced Wednesday that David Sgro has resigned from the board of directors for personal reasons.
This report by The Canadian Press was first published Oct. 1, 2025.
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