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Steel and Stainless Steel Industries

Algoma Steel CEO asks Carney to ‘immediately engage’ with Trump on steel tariffs – by Niall McGee (Globe and Mail – May 1, 2025)

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.

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Trump’s steel, aluminum tariff impacts start to build 1 month in – by Ian Bickis (Canadian Press/Global News – April 21, 2025)

https://globalnews.ca/

The costs and chaos being caused by metal tariffs are starting to build up after a month in effect, and there’s little hope they’ll be removed in the foreseeable future. U.S. President Donald Trump imposed 25 per cent tariffs on Canadian steel and aluminum on March 12, raising significant concerns for a sector that exported around $35 billion of metal to the U.S. last year.

It’s still not clear how much higher the tariffs will push consumer prices and translate into reduced demand, but industry insiders say the risks are building. The aluminum tariffs alone add about $3,000 to the cost of an F150 truck, Aluminum Association of Canada CEO Jean Simard said. Add in the steel tariffs, and auto tariffs, and it means about $12,000 more in input costs.

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Britain’s race to take control of its last major steel plant from Chinese owner – by Christian Edwards (CNN.com – April 16, 2025)

https://www.cnn.com/

Britain’s parliament is only recalled at times of national crisis. But when lawmakers were brought back from their Easter vacation last weekend, the cause was not a war, terror attack or the death of a monarch – but the potential closure of a steel plant in northern England.

The government said the owner of the British Steel complex in Scunthorpe, the Chinese company Jingye, was prepared to cancel orders for the raw materials needed to keep its blast furnaces burning, a step that would leave Britain unable to make virgin steel for the first time since the Industrial Revolution.

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Steel producers call on Ottawa to put tariffs on foreign dumpers to offset pain from U.S. duties – by Niall McGee (Globe and Mail – April 4, 2025)

https://www.theglobeandmail.com/

The Canadian Steel Producers Association is calling on the federal government to immediately erect new trade barriers against foreign dumping to help domestic producers better compete in their home market in the face of U.S. tariffs.

Canadian steelmakers are highly dependent on the U.S. market and are now desperately trying to win more business at home where demand outstrips production. But domestic producers often have to compete with foreign competitors engaging in dumping – selling product at artificially low prices in order to gain market share. At its most egregious, the practice can drive Canadian steelmakers out of the market entirely.

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Why UK is close to becoming only G7 nation without steel production ability – by Rishabh Sharma (Business Standard – March 31, 2025)

https://www.business-standard.com/

The United Kingdom, once the birthplace of the Industrial Revolution, now faces a major crisis in its steel industry. British Steel has announced plans to close its two blast furnaces and steelmaking operations in Scunthorpe, a move that threatens up to 2,700 jobs and marks the end of more than 160 years of steel production in the town.

The company, owned by China’s Jingye Group, has cited financial losses of £700,000 per day as well as economic pressures including tariffs and rising environmental costs. The decision has been met with strong criticism from trade unions, who have described it as “devastating”.

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In the hot seat: Algoma Steel faces dual pressures of electric arc furnace rollout while fighting Trump tariff turmoil – by Niall McGee (Globe and Mail – March 29, 2025)

https://www.theglobeandmail.com/

More than 30 years after serving in the U.S. military, Algoma Steel Group Inc. chief executive officer Michael Garcia is once again in the line of fire. But instead of facing a foreign military foe as he did in the 1990/1991 Gulf War, the threat is economic, and the aggressor is his own countryman.

On March 12, U.S. President Donald Trump levelled a 25-per-cent tariff on Canadian steel imports, making it significantly harder for Sault Ste. Marie, Ont.-based Algoma to win business in the United States, which accounts for more than half of its revenue.

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On Minnesota’s Iron Range, Trump’s Tariffs Could Be Boom or Bust – by Charles Homans (New York Times – March 30, 2025)

https://www.nytimes.com/

A region near the Canadian border, whose mines provide most of the new ore used in producing domestic steel — and cars — has a lot at stake as trade wars intensify.

Once a week, most weeks, the ground in Chisholm, Minn., shudders underfoot. “When they blast over here, we can feel it in town over there,” Jed Holewa, a City Council member, explained as he looked out over the pit of the Hibbing Taconite mine, a machine-made canyon of flint-colored earth extending to the hills just southwest of town.

The low rumble of controlled explosions is reassuring in an area where few livelihoods are more than a couple of degrees removed from the mines. But this month the ground beneath the Iron Range has begun to shift in a very different way.

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‘It’s just been chaos’: Steelmakers in Hamilton begin to feel the pain of Trump’s tariffs – by Niall McGee (Globe and Mail – March 13, 2025)

https://www.theglobeandmail.com/

Well before U.S. President Donald Trump followed through on his threat to levy steep tariffs on imports of Canadian steel, Ontario’s National Steel Car was already feeling some pain.

Starting in mid-November, with the newly elected Mr. Trump at that point only threatening to impose tariffs on Canada, a major customer for a rail car put its order on hold, said Frank Crowder, president of USW Local 7135, the union that represents the workers at the company.

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Trump threatens to double tariffs on Canadian steel and aluminum after Ontario electricity surcharge – by Antoine Trépanier and Stephanie Taylor (National Post – March 11, 2025)

https://nationalpost.com/

The latest outburst from the American president appears to have been triggered by tariffs imposed by Ontario Premier Doug Ford

OTTAWA — U.S. President Donald Trump said on Tuesday he will impose a 50 per cent tariff on Canadian steel and aluminum, up from his previous 25 per cent threat, starting on Wednesday. If Canada does not reverse its retaliation and “immediately” remove its dairy tariffs, he said he will “significantly” increase tariffs on cars coming from Canada to the United States on April 2.

“(That would) permanently shut down the automobile manufacturing business in Canada,” the president wrote on his Truth Social platform.

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Tariff battle set to escalate this week with U.S. levies on Canadian steel and aluminum – by Clare O’Hara (Globe and Mail – March 10, 2025)

https://www.theglobeandmail.com/

The U.S. says 25-per-cent tariffs on Canadian steel and aluminum are still set to take effect on Wednesday, a move that would escalate the trade war between the two countries that President Donald Trump launched last week.

Mr. Trump initiated 25-per-cent tariffs on all Canadian goods last Tuesday, with energy and critical minerals facing a 10-per-cent tariff. Prime Minister Justin Trudeau quickly retaliated with 25-per-cent tariffs on $30-billion worth of imported goods from the U.S., rising to $155-billion if the U.S. levies aren’t lifted.

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Trump slaps 25% tariffs on steel and aluminum imports ‘without exceptions’ – by Darren Major and Catharine Tunney (CBC News Politics – February 10, 2025)

https://www.cbc.ca/news/politics/

President said ‘I don’t mind,’ when asked about countries retaliating

U.S. President Donald Trump followed through on recent threats Monday evening and signed orders imposing 25 per cent tariffs on all steel and aluminum imports — including from Canada.

The tariffs are scheduled to take effect March 12. This guarantees a frantic few weeks as Canada and other countries scramble to be exempted from a series of trade penalties threatened by Trump — including the economy-wide tariffs he has paused but is still threatening to reimpose across North America.

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Trump promises 25% tariffs on steel and aluminum imports — including from Canada – by Benjamin Lopez Steven (CBC News Politics – February 09, 2025)

https://www.cbc.ca/news/politics/

Ontario, Quebec premiers criticize U.S. president for creating economic uncertainty

U.S. President Donald Trump said he will announce on Monday that the United States will impose 25 per cent tariffs on all steel and aluminum imports, including from Canada and Mexico — a move that prompted sharp criticism from some provincial premiers.

“Any steel coming into the United States is going to have a 25 per cent tariff,” he told reporters Sunday on Air Force One as he flew from Florida to New Orleans to attend the Super Bowl. When asked about aluminum, he responded, “aluminum, too” will be subject to the trade penalties.

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Cleveland-Cliffs CEO renews efforts to purchase U.S. Steel – “I have an all-American solution.” – by Andy Sheehan (CBS News – January 13, 2025)

https://www.cbsnews.com/

PITTSBURGH (KDKA) – It’s a battle over U.S. Steel and the future of steelmaking in the region – with fiery words, the CEO of Cleveland-Cliffs said his company is once again trying to buy the company.

“The United States of America, Japan, beware, you don’t understand who you are,” said Lourenco Goncalves, the CEO of Cleveland-Cliffs. Goncalves is promising to revitalize the Mon Valley while keeping the operation in American hands.

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Cleveland-Cliffs CEO still keen on acquiring U.S. Steel as uncertainty weighs on Nippon bid – by Niall McGee (Globe and Mail – November 26, 2024)

https://www.theglobeandmail.com/

Cleveland-Cliffs Inc. chief executive Lourenco Goncalves says he is still interested in buying United States Steel Corp. to create an American champion, as regulators continue to deliberate over whether to allow Japan’s Nippon Steel Corp. to buy the company.

Cleveland-based Cliffs, which recently acquired Canadian steelmaker Stelco Holdings Inc., attempted to buy its Pittsburgh-based competitor U.S. Steel in the summer of 2023. But Nippon Steel swooped in with a higher bid late last year that U.S. Steel’s board backed.

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Canadian billionaire Barry Zekelman weighs his options after amassing equity stake in Algoma Steel – by Niall McGee (Globe and Mail – September 6, 2024)

https://www.theglobeandmail.com/

Canadian billionaire Barry Zekelman isn’t ruling out a takeover of Algoma Steel Group Inc. as he weighs several options after his privately held steel products company recently took an equity stake in the venerable Canadian steel maker.

Chicago-based Zekelman Industries in late July revealed in a 13D filing with the U.S. Securities and Exchange Commission that it amassed a 5-per-cent stake in Sault Ste. Marie, Ont.-based Algoma. Such filings are required for activist as opposed to passive investors. In the filing, Zekelman Industries said it may engage with management and the board, or other shareholders about “potential business combinations, dispositions or other transactions.”

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