https://www.theglobeandmail.com/
Algoma Steel Group Inc. chief executive Michael Garcia is appealing to Prime Minister Mark Carney to “immediately engage” with the Trump administration about dropping punishing tariffs on imports of Canadian steel. Sault Ste. Marie, Ont.-based Algoma is under significant strain owing to the 25-per-cent tariffs on steel and aluminum imposed by U.S. President Donald Trump on March 12.
The Canadian steelmaker is directly bearing the costs of the tariffs because it is importer of record in the United States, and it has largely been unable to pass on the costs to its customers. The little under three weeks the company was subject to the tariffs during the first quarter cost it $10.5-million. The U.S. market accounts for about half of Algoma’s revenue.
Before the Liberals won a minority government this week, Mr. Carney, the party leader, met with Mr. Garcia during one of his final campaign stops at Sault Ste. Marie last Friday. The Algoma boss mapped out not only the damage the U.S. tariffs are inflicting on the company, but also the harm being inflicted by suspected foreign dumping into the Canadian steel market.
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