Algoma Steel Announces Leadership Change and Operational Loss
Algoma Steel Group Inc. has announced a change in leadership, with Chief Financial Officer Rajat Marwah taking over as CEO effective January 29, replacing Michael Garcia.
The company also reported a significant operational loss of $652 million in the third quarter, ended September 30, including a non-cash impairment loss of $503.4 million.
- Net loss for the quarter: $485.1 million
- Adjusted EBITDA loss: $87.1 million
- Tariffs cost: $89 million
The change in leadership is part of a planned succession and leadership transition.
Michael Moraca will replace Marwah as Chief Financial Officer. The company's operational loss is a significant increase from the $83.6 million loss reported in the same quarter last year.
Author's summary: Algoma Steel changes CEO and reports a $652 million operational loss.