Algoma Steel CEO Stepping Down Amid Deep Losses and Ongoing U.S. Tariffs
Algoma Steel Group Inc. CEO Michael Garcia will step down at the end of the year as the company faces significant losses due to U.S. tariffs.
The company reported a net loss of $485.1 million in the third quarter, a substantial increase from the previous year's $106 million loss.
The decision is framed as a planned retirement initiated by Garcia in late 2024, resulting from a comprehensive succession planning process.
Chief Financial Officer Rajat Marwah will assume the CEO role in January, following Garcia's departure.
- Algoma Steel is one of the Canadian companies hardest hit by U.S. tariffs.
- The company's significant losses are a direct result of these tariffs.
Author's summary: CEO Michael Garcia steps down amid losses.