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Toronto Sun
an hour ago
- Toronto Sun
Greener steel arrives in Canada to a market in turmoil and future unclear
Published Aug 10, 2025 • 5 minute read Steam rises as water is poured over hot steel at Algoma's Direct Strip Production Complex in Sault Ste. Marie, Ont., on Wednesday, March 14, 2018. Photo by Justin Tang / THE CANADIAN PRESS TORONTO — Like some superhero channelling the power of lightning, Algoma Steel Inc. has started using the heat cast off by the arcs of powerful electric currents to make greener steel. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES 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. 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 Electric arc furnaces are nothing new — the technology is more than a century old, and there's already a few in Canada — but Algoma is calling the achievement of production from its first of the kind furnace last month a win as it faces an existential threat from U.S. tariffs. 'We have reached a truly pivotal milestone for Algoma and the Canadian steel industry,' said chief executive Michael Garcia on a recent earnings call. 'Despite the uncertainty that the trade war has unleashed, this achievement reinforces our confidence in our transformation strategy.' Part of that strategy has been to dramatically reduce emissions in an attempt to differentiate its products; it even trademarked Volta as the name for its cleaner steel that it plans to produce from a mix of low-emission iron feed and scrap metal. This advertisement has not loaded yet, but your article continues below. But experts say the project is coming online as the market for green steel, and the metal more generally, faces turmoil from tariffs and price pressures, making it unclear what financial advantages producers may get from the big upfront investments needed. 'The question is, will the demand be there? Is there going to be sufficient demand in North America for green steel?' said Chris Bataille, who researches the steel transition as an adjunct research fellow at Columbia University's Center on Global Energy Policy. 'The U.S. was starting to move fairly quickly in terms of moving to electric vehicles and to cleaner steel and everything else under the last administration, but now we've got a complete U-turn.' Steel emissions had been a priority in the U.S., and remains one in Canada, because using coal to produce steel is so emissions intensive. Globally, steel production makes up about eight per cent of carbon emissions, according to the International Energy Agency. Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. But while it makes sense from an emissions perspective, buyers willing to pay a premium for the more eco-friendly steel have mostly been limited to the auto sector, said Bataille. European automakers have been paying a premium of as much as 40 per cent for the cleaner material, since they can use it for marketing while only adding a little to the end cost of a car, but the more important building sector has been more hesitant, he said. There is still demand in Europe, a region Canada has looked to diversify its exports, but with tariffs causing disruption there too it's not clear how much potential there is, said trade expert Tommaso Ferretti. 'There is a structural demand in Europe, but to what extent that structural demand will remain in place, it's a big question mark,' said the assistant professor at the University of Ottawa's Telfer School of Management. This advertisement has not loaded yet, but your article continues below. Garcia himself has warned that Algoma doesn't see much potential to sell to Europe, or anywhere else internationally. 'We can put our steel on an ocean-going ship here in Sault Ste. Marie, but getting it to an export customer in Europe or elsewhere, there just aren't those opportunities right now. I don't think that there'll be a lot of those opportunities going forward, to be frank,' he said. The challenges help explain why the other flagship green steel project in Canada, at ArcelorMittal's Hamilton, Ont., operations, is stuck in neutral. The company made a big show of announcing in 2022 that it was moving ahead with a $1.8-billion project to move to green steel _ but the last updates show the project is still at the engineering stage, with a spokesperson confirming there are no new milestones to report. This advertisement has not loaded yet, but your article continues below. Wider oversupply issues in the industry that have pushed down prices is part of the problem, as are doubts about policies like carbon pricing, said Bataille. 'There's some uncertainty about how fast the transition will go. … It's just a difficult business to make a buck, to be honest.' ArcelorMittal said in its latest sustainability report in April that it doesn't expect green steel projects to be economical until the 2030s, and that policies will be needed to address the high capital and operational costs. RECOMMENDED VIDEO Federal and provincial governments in Canada have already stepped in to help out with capital costs. Algoma received $420 million to help cover the more than $880 million cost of its project, while ArcelorMittal was offered $900 million to help ease its overall costs. This advertisement has not loaded yet, but your article continues below. But unlike Algoma, ArcelorMittal's plans also include building a plant in Hamilton to remove oxygen from iron ore using hydrogen, rather than coal — a process that remains expensive, leading to several recent project cancellations. ArcelorMittal itself just cancelled two green steel projects in Germany in June, citing high electricity prices, while last year it noted the future of several other of its European steel projects is unclear because 'there is limited willingness among customers to pay premiums for low-carbon emissions steel.' Cleveland-Cliffs, which bought Hamilton-based Stelco Holdings Inc. last year, recently shelved plans for green steel conversion at a U.S. plant that already had US$500 million in government funding secured. This advertisement has not loaded yet, but your article continues below. Lourenco Goncalves, chief executive of Cleveland-Cliffs, cited the lack of clear hydrogen supply as part of the reason for cancelling the project. He said on a July earnings call that plans to revamp the operation using existing resources, including 'beautiful coal,' generates a very good conversation with the current U.S. Department of Energy. Ferretti worries that the pressures the industry is facing will also mean less investment in research and development to try and bring costs down. He said there needs to be even greater collaboration between the public and private sector for the critical industry to chart a path forward. 'The real question in fact is to see … the collaboration between the companies, the steel manufacturers, Canadian government, and their ability to reinvent themselves.' For Bataille, that path could include using Canada's vast renewable energy and iron ore deposits to build a direct reduction plant for processing closer to the source, and then shipping the already oxygen-reduced iron around the world. 'You could triple the value of those exports,' said Bataille. 'So on the one hand we face headwinds and the Chinese overcapacity continues, but on the other hand, I think there's new possibilities open in shipping green iron places that, you know, we hadn't considered before.' 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CBC
2 hours ago
- CBC
Military pay raise a big boost for lower ranks, officials say
Social Sharing The federal government's pay increase for members of the Canadian military will provide some much-needed support for the lowest-ranking positions who are struggling in the face of rising costs of living, according to senior military officials. Prime Minister Mark Carney announced a $2 billion-per-year graduated series of salary top-ups and incentives on Friday. "The biggest increases should make a difference for our lower-ranked members and those are the ones that, at this time, seem to be hardest hit by the economy," Royal Canadian Air Force Lt.-Gen. Jamie Speiser-Blanchet told reporters at an event in Halifax on Saturday. The changes will see the lowest ranks of the regular force, like privates, ordinary sailors and aviators, receive a 20 per cent pay increase. Speiser-Blanchet said some members of the military are struggling to make ends meet, just like many Canadians, and this investment will make their lives a lot easier. The increases in pay and benefits will also help with recruitment and retention, said Canadian Royal Navy Vice-Admiral Angus Topshee. A $10,000 bonus is available for recruits in high-demand trades to complete basic training, an additional $20,000 when their training is completed and another $20,000 once they have completed their first term of service. Members and their families sacrifice a lot while serving their country so added incentives to sign up are welcome news, Topshee said. "We ask people to move their families across the country, often multiple times." he said. "There is no overtime in the military. There is no weekend. If we need you to work, you work." Pay raise 'long overdue': Defence minister The last comprehensive overhaul of the military's pay and benefits system happened in 1998, according to senior defence officials. "We're very proud to be able to provide the kind of pay package that our armed forces members deserve," David McGuinty, minister of national defence, said in Halifax on Saturday. "It's long overdue." Many low-ranking military members have struggled due to the cost of living since the pandemic, according to VETS Canada, a Halifax-based charity that supports members. Deb Lowther, the organization's CEO, said she was pleased with Friday's announcement as the organization sees more and more serving members "coming to us in crisis." She said she would like Ottawa to turn its focus to providing more help for members leaving the military and trying to transition back into civilian life. McGuinty told reporters on Saturday that the federal government has heard those concerns and will continue to look at ways to improve support for current and former members. "I think we'll have more to say about this in due course," he said.
Globe and Mail
2 hours ago
- Globe and Mail
3 Reasons to Buy Carnival Stock Like There's No Tomorrow
Key Points Carnival's revenue continues to reach record levels, with the business benefiting from strong demand for cruise travel. Rising profits have helped the management team reduce the company's debt burden. Even though the stock has rocketed higher, investors will be drawn to the current valuation. 10 stocks we like better than Carnival Corp. › Carnival (NYSE: CCL) continues sailing in the right direction, something its shareholders have become extremely optimistic about. That's not a surprise, given that the cruise line business was decimated by the COVID-19 pandemic. However, the company is on much better footing these days as it serves robust demand from consumers. In the past 12 months, shares have soared 104% (as of Aug. 6), showcasing heightened bullishness. Despite this monster performance, here are three reasons why investors should still consider buying this travel stock like there's no tomorrow. Durable demand Carnival's business has benefited from tremendous momentum. During the fiscal 2025 second quarter (ended May 31), the company reported record revenue of $6.3 billion. This figure was up 9.5% year over year and 164% higher than the same period of fiscal 2022. There's clearly strong demand from travelers. Carnival had a whopping $8.5 billion in customer deposits in Q2, a record. Net yields, a measure of a cruise line's pricing power, came in at a record $200.07, after increasing by 7.2% during the second quarter. This was "driven by close-in strength in ticket prices and continued strong onboard spending," CFO David Bernstein said on the Q2 2025 earnings call. The demand for Carnival has been impressive in the years following the pandemic's disruption. Investors might think that the good times will come to an end soon. While the rapid growth the business has registered won't continue indefinitely, there's still reason to remain optimistic over the long term. The cruise industry faces some favorable tailwinds. For instance, younger travelers are more interested in these vacations. There are also more first-time passengers coming aboard. As it pushes to capture the opportunity ahead, Carnival is investing in building new cruise ships. It just opened a new private destination, called the Celebration Key, in July. What's more, Carnival is upgrading its rewards program, which will launch in 2026. This can boost customer loyalty and drive repeat cruise trips. Financial improvements During the pandemic, Carnival was forced to pause its operations. To survive the revenue hit, management had to take on more debt to fund the business. It's understandable if, at the time, investors were worried that Carnival would never get out of its predicament. With each passing quarter these days, the company is making substantial progress when it comes to its financial situation. During Q2, Carnival's operating income increased 66.8% year over year to $934 million. This was another record. To its credit, the business is starting to benefit from being able to better leverage its costs as revenue rises. Cruise and tour operating expenses were up just 2.3% year over year during the second quarter. With profitability showing major improvements, Carnival has been able to clean up its balance sheet as well. It ended Q2 with $27.3 billion of long-term debt, a balance that has been reduced by 20% in the past three years. The company's credit rating was also upgraded by two major agencies, which is a vote of confidence. Carnival's upside Carnival's stock has been a huge winner. However, the valuation is still compelling for new investors, even though the company is operating at a very high level these days. The price-to-earnings (P/E) ratio of 15.8 is no doubt cheap, representing a 36% discount to the overall S&P 500 index. Should the P/E multiple get closer to the benchmark's level, there is sizable upside for patient investors. Carnival's strong demand, improving financials, and attractive valuation are three reasons to buy the stock like there's no tomorrow. Should you invest $1,000 in Carnival Corp. right now? Before you buy stock in Carnival Corp., consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Carnival Corp. wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $653,427!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,119,863!* Now, it's worth noting Stock Advisor's total average return is 1,060% — a market-crushing outperformance compared to 182% for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of August 4, 2025
