SAULT STE. MARIE, ONT. — The chief executive of Algoma Steel Group Inc. says U.S. tariffs on steel imports continue to define its operating landscape, as the company’s net loss widened during its latest quarter.
Algoma CEO Rajat Marwah says the company incurred $27.4 million in direct tariff costs during its quarter ending March 31, which was lower quarter-over-quarter as the steel producer continues to reduce its shipments to the U.S.
Algoma reported its shipments during the quarter were approximately 224,000 tons in the first quarter, down 52.4 per cent year-over-year.
It reported a wider net loss of $159.4 million during the quarter, compared with a net loss of $24.5 million during the same period a year earlier.
Marwah says the company is continuing to reposition itself, moving away from primarily being a cross-border commodity producer to becoming a Canadian supplier.
He says Algoma has partnered with Roshel Inc., a defence manufacturer, to form Roshel Algoma Defence and focus on steel defence solutions in Canada.
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