Earnings ·
Algoma Steel reports Q3 net loss of C$129.6M on C$249.4M revenue
ASTLAlgoma Steel Group Inc.
Algoma Steel Group Inc. reported a net loss of C$129.6 million, or $1.18 per share, for the third quarter ended September 30, 2026, compared to a net loss of C$485.1 million in the prior-year period. Revenue fell to C$249.4 million from C$523.9 million as shipments dropped 65.5% to 144,527 tons following the permanent halt of blast furnace operations and a transition to electric arc furnace steelmaking. Adjusted EBITDA loss narrowed to C$13.9 million from C$87.1 million, aided by higher steel prices and lower fixed costs, though direct tariff costs remained at C$18.1 million due to U.S. Section 232 duties. The company maintained approximately C$428 million in total available liquidity and commissioned a replacement turbine for its Lake Superior Power facility. Algoma Steel Group Inc. is a leading Canadian producer of steel plate and hot-rolled sheet products.