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Algoma Steel continues focus on Canadian market as U.S. tariffs hamper shipments
['News Staff', 'Ritika Dubey', 'The Canadian Press', '.Wp-Block-Co-Authors-Plus-Coauthors.Is-Layout-Flow', 'Class', 'Wp-Block-Co-Authors-Plus', 'Display Inline', '.Wp-Block-Co-Authors-Plus-Avatar', 'Where Img', 'Height Auto Max-Width']
CityNews Toronto
The chief executive of Algoma Steel says the company is ramping up its pivot to the Canadian market as headwinds from U.S. tariffs constrain its shipments south of the border.
Marwah said plate shipments in the second quarter were about 125,000 tons in the second quarter, up from 116,000 tons in the first quarter.
Algoma has been ramping up steel plate production as it repositions itself as a crucial steel player in the Canadian defence supply chain.
Algoma reported a net loss of $96 million during its second quarter, compared with a net loss of $110.6 million during the prior-year quarter.
That amounted to a net loss per diluted share of 88 cents, compared with a net loss of $1.02 per diluted share last year.