Algoma Steel highlights new strategy after layoffs as it looks to lower costs [Yahoo! Finance Canada]
Algoma Steel Group Inc. (ASTL)
Company Research
Source: Yahoo! Finance Canada
Michael Garcia says in a statement that the strategy includes transitioning to electric arc furnace steelmaking, closing its blast furnace and coke-making operations early next year, as well as reshaping its product mix to better align with the demand of the Canadian market. Preceding Canada-U.S. trade tensions, he says the company held a view that the electric arc furnace was key to securing its future, modernizing its plant and broadening its product offerings. Mike Da Prat, president of USW Local 2251, says 900 members of his union working at Algoma will be laid off starting in March, leaving workers anxious and stressed ahead of the holiday season. Bill Slater, president of United Steelworkers Local 2724, says about 150 of his members are affected. The company reported almost half a billion dollars in losses last quarter as the 50 per cent tariffs on steel imposed by the U.S. effectively shut it out of the market. The federal and Ontario governments have also provided Alg
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ASTL
Earnings
- 10/29/25 - Miss
ASTL
Sec Filings
- 1/9/26 - Form 6-K
- 12/2/25 - Form 6-K
- 12/1/25 - Form 6-K
- ASTL's page on the SEC website