Latest news with #AlgomaSteel
Globe and Mail
an hour ago
- Business
- Globe and Mail
Algoma Steel reports net loss of $110.6-million as tariffs weigh on bottom line
Algoma Steel Group Inc. ASTL-T says lower steel shipment volumes and tariffs weighed on its bottom line during the second quarter. The steel maker reported a net loss of $110.6-million during the quarter compared with net income of $6.1-million a year earlier. Algoma Steel says it paid $64.1-million in tariffs during the quarter, compared with none during the same 2024 period. Revenue during the second quarter came in at $589.7-million, lower than $650.5-million the year before. Algoma Steel CEO Michael Garcia says the firm's operational results met its expectations for the quarter, but were affected by tariff uncertainty and weak steel demand. Last week, the company said it is seeking $500-million in federal support as it faces continued uncertainty from U.S. tariffs on Canadian steel.
Winnipeg Free Press
an hour ago
- Business
- Winnipeg Free Press
Algoma Steel reports net loss of $110.6M in Q2 amid tariff pressures
SAULT STE. MARIE – Algoma Steel Group Inc. says lower steel shipment volumes and tariffs weighed on its bottom line during the second quarter. The steel maker reported a net loss of $110.6 million during the quarter compared with net income of $6.1 million a year earlier. Algoma Steel says it paid $64.1 million in tariffs during the quarter, compared to none during the same 2024 period. Revenue during the second quarter came in at $589.7 million, lower than $650.5 million the year before. Algoma Steel CEO Michael Garcia says the firm's operational results met its expectations for the quarter, but were affected by tariff uncertainty and weak steel demand. Last week, the company said it is seeking $500 million in federal support as it faces continued uncertainty from U.S. tariffs on Canadian steel. Monday Mornings The latest local business news and a lookahead to the coming week. This report by The Canadian Press was first published July 29, 2025. Companies in this story: (TSX: ASTL)
Wall Street Journal
an hour ago
- Business
- Wall Street Journal
Algoma Steel Swings to a Loss, Suspends Quarterly Dividend
Algoma Steel swung to a loss in its latest quarter and suspended its quarterly dividend as it experiences higher costs from U.S. tariffs. The Canadian producer of rolled steel sheet and plate products on Tuesday posted a net loss of 110.6 million Canadian dollars ($80.3 million), compared with net income of C$6.1 million a year earlier. A net loss per share of C$1.02 was wider than the C$0.54 loss expected by analysts polled by FactSet.
Toronto Star
2 hours ago
- Business
- Toronto Star
Algoma Steel reports net loss of $110.6M in Q2 amid tariff pressures
Algoma Steel says it is seeking $500 million in federal support as the company faces continued uncertainty from U.S. tariffs on Canadian steel. A worker is shown at Algoma Steel in Sault Ste. Marie, Ontario on Friday, April 25, 2025. Sean Kilpatrick/ The Canadian Press flag wire: true flag sponsored: false article_type: : sWebsitePrimaryPublication : publications/toronto_star bHasMigratedAvatar : false :
Hamilton Spectator
2 hours ago
- Business
- Hamilton Spectator
Algoma Steel reports net loss of $110.6M in Q2 amid tariff pressures
SAULT STE. MARIE - Algoma Steel Group Inc. says lower steel shipment volumes and tariffs weighed on its bottom line during the second quarter. The steel maker reported a net loss of $110.6 million during the quarter compared with net income of $6.1 million a year earlier. Algoma Steel says it paid $64.1 million in tariffs during the quarter, compared to none during the same 2024 period. Revenue during the second quarter came in at $589.7 million, lower than $650.5 million the year before. Algoma Steel CEO Michael Garcia says the firm's operational results met its expectations for the quarter, but were affected by tariff uncertainty and weak steel demand. Last week, the company said it is seeking $500 million in federal support as it faces continued uncertainty from U.S. tariffs on Canadian steel. This report by The Canadian Press was first published July 29, 2025. Companies in this story: (TSX: ASTL)
