Algoma Steel asks Ottawa for $500M over U.S. tariff uncertainty
The Sault Ste. Marie, Ont.-based steel producer says it applied for the funding under the Large Enterprise Tariff Loan program, announced by Ottawa in March to support companies affected by tariffs and countermeasures.
The company says in a press release it remains concerned with the 'significant impact' that U.S. tariffs are having on its operations and outlook. In June, U.S. President Donald Trump signed an executive order doubling his country's tariffs on steel and aluminum imports to 50 per cent.
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Federal gov't response to latest U.S. Tariffs
Algoma says it has enough resources on hand to manage its liquidity over the near term, but it is considering various options to achieve support and diversify its customer base, 'given the ongoing uncertainty caused by the U.S. tariffs resulting in a structural imbalance in the Canadian market.'
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That includes an evaluation of capital investments 'that align with long-term domestic demand in sectors such as defence and construction, while reinforcing Canada's industrial resilience and low-carbon transformation.'
It says the amount of additional financing it could seek will partly depend on the duration and severity of the trade dispute 'and the extent to which the Canadian steel market remains exposed to unfairly priced imports.'
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Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account On Friday though, Trump let loose on Canada and a whole pile of other topics while speaking with reporters. 'We don't have a deal with Canada,' Trump said. 'August 1 is going to come, and we will have most of our deals finished, if not all. We haven't really had a lot of luck with Canada. I think Canada could be one where they'll just pay tariffs. It's not really a negotiation.' 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They don't have time for teams playing games. This advertisement has not loaded yet, but your article continues below. One source said that Hillman is playing a similar strategy to what the Canadian delegation used in renegotiating NAFTA in 2017. The problem with that is those tactics irritated the Americans so much that they froze us out, signed a deal with Mexico and we had to play catch up. Mark Carney won the election by promising the public he was best positioned to deal with Donald Trump. So far, he hasn't delivered – and that is hurting Canadian jobs and Canadian companies. Enough of the games, it's time for Carney to replace Hillman and send in someone who can and is willing to negotiate a deal. blilley@ Hockey Sports Toronto & GTA Toronto Blue Jays Columnists
