SAULT STE. MARIE, Ont. — The chief executive of one of Canada's largest steel producers says it is in discussions with federal and provincial leaders to determine what forms of government support might be available to help offset the Trump administration's tariffs.
Algoma Steel Group Inc. CEO Michael Garcia says his company is also in the midst of "aggressive" cost cuts as it copes with uncertainty from the ongoing trade war.
Ottawa says it will prioritize investments in projects that primarily use Canadian steel and aluminum as part of its response to the 25 per cent tariffs on American imports of those materials levied by U.S. President Donald Trump on Wednesday.
Canada countered Trump's move with 25 per cent tariffs on $29.8 billion worth of American goods, which took effect just after midnight Thursday.
Garcia says that although he expects the tariffs to pose a "significant challenge" for Algoma, the company could have an opportunity to increase sales in the domestic market as Canadian imports of U.S. steel decline.
On Wednesday, the Sault Ste. Marie, Ont., company reported a net loss of $66.5 million in its third and final quarter, due to a change in its fiscal year, compared with a loss of $84.8 million a year earlier.
This report by The Canadian Press was first published March 13, 2025.
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