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SAULT STE. MARIE \u2014 Algoma Steel says it is seeking $500 million in federal support as the company faces continued uncertainty from U.S. tariffs on Canadian steel.<\/p>\n
The Sault Ste. Marie, Ont.-based steel producer says it applied for the funding under the Large Enterprise Tariff Loan program, announced by Ottawa in March to support companies affected by tariffs and countermeasures.<\/p>\n
The company says in a press release it remains concerned with the \u201csignificant impact\u201d that U.S. tariffs are having on its operations and outlook. In June, U.S. President Donald Trump signed an executive order doubling his country\u2019s tariffs on steel and aluminum imports to 50 per cent.<\/p>\n
Algoma says it has enough resources on hand to manage its liquidity over the near term, but it is considering various options to achieve support and diversify its customer base, \u201cgiven the ongoing uncertainty caused by the U.S. tariffs resulting in a structural imbalance in the Canadian market.\u201d<\/p>\n
That includes an evaluation of capital investments \u201cthat align with long-term domestic demand in sectors such as defence and construction, while reinforcing Canada\u2019s industrial resilience and low-carbon transformation.\u201d<\/p>\n
It says the amount of additional financing it could seek will partly depend on the duration and severity of the trade dispute \u201cand the extent to which the Canadian steel market remains exposed to unfairly priced imports.\u201d<\/p>\n
\u00a92025 The Canadian Press<\/strong><\/p>\n<\/p><\/div>\n