SAULT STE. MARIE — Algoma Steel Group Inc. reported a net loss of $129.6 million during the third quarter, compared with a net loss of $485.1 million during the prior-year quarter.
That amounted to a net loss per common share of $1.18, compared with $4.46 per share during last year’s third quarter.
The Sault Ste. Marie, Ont.-based steel producer says its consolidated revenue reached $249.4 million during the quarter, down from $523.9 million a year earlier.
Algoma Steel says it had a direct tariff cost of $18.1 million during the quarter, down from $89.7 million in the prior-year quarter.
The company says its shipments totalled 144,527 tons during the third quarter, down from 419,173 tons a year earlier.
Algoma CEO Rajat Marwah says that while U.S. tariffs continue to restrict access to the U.S. market, its pivot to a Canada-centric strategy is helping to navigate the challenges.
This report by The Canadian Press was first published Oct. 28, 2026.
