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SAULT STE. MARIE, ONT. \u2014 The CEO of Algoma Steel says that even if Canada reaches a deal with the United States on steel, there\u2019s no going back to the way things were.<\/p>\n
Chief executive Michael Garcia, who is set to retire at year-end, says a resolution would help margins but that the company would have to be mindful of strategic risk in supplying the U.S. market.<\/p>\n
The federal government had suggested talks with the U.S. were close on trade deals for sectors like steel and aluminum, before U.S. President Donald Trump announced an abrupt halt to negotiations recently.<\/p>\n
Garcia said on a conference call the company is focused on being a strategic partner of Canada\u2019s nation-building agenda, reorienting production to focus on domestic demand in areas like defence, infrastructure, energy and manufacturing.<\/p>\n
Algoma reported almost half a billion dollars in losses last quarter as the 50 per cent tariffs on steel imposed by the U.S. effectively shut it out of the market.<\/p>\n
The Sault St. Marie, Ont.-based producer has secured $500 million in financing from the provincial and federal government to help see it through the transition.<\/p>\n
\u00a92025 The Canadian Press<\/strong><\/p>\n<\/p><\/div>\n