Algoma Steel Accelerates EAF Transition
Algoma Steel Group reports a net loss of $485.1 million in Q3 and will speed up its electric arc furnace transformation due to tariffs imposed by President Donald Trump.
“That’s going to give us the best ability to deal with the current environment,”
CEO Michael Garcia stated, moving the transition goal from late 2026 to early 2027 up by a year. The move to electric arc furnace operations, dubbed “the foundation of our future,” will position the steelmaker at the lowest cost and most flexible cost position, with an expected spend of $987 million.
- Net loss: $485.1 million in Q3
- EAF transition spend: $987 million
- Q3 EAF transition spend: $30 million
Author's summary: Algoma Steel accelerates EAF transition due to tariffs.
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