SAULT STE. MARIE - Algoma Steel Group Inc. says its shipments fell by double digits in its latest quarter as it continued to grapple with high U.S. tariffs and challenges with oversupply in Canada.
The Sault Ste. Marie-based steel producer reported a net loss of $364.7 million in its fourth quarter compared with a loss of $66.5 million during the same period a year earlier.Â
Algoma says its direct tariff costs totalled $60.6 million during the quarter.Â
The company says its shipments during the quarter were 378,533 tons, down 31 per cent year-over-year from 548,802 tons.
Chief executive Rajat Marwah says tariffs have significantly restricted access to the U.S. market for Canadian producers and has led to an oversupply of steel coil in Canada -- driving prices lower.
The company previously announced it's laying off 1,050 workers toward the end of the month.Â
This report by The Canadian Press was first published March 12, 2026.
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