Algoma Steel to Receive $500M in Financial Aid Amid “Profound” US Steel Duties

What’s Happening?

After cutting jobs due to enhanced US duties on steel and aluminum, Algoma Steel Group Inc. (Algoma Steel) is set to receive approximately $500 million in financial aid from the federal government and Ontario government.

Ottawa said its $400 million will come from the Large Enterprise Tariff Loan program — noting that the impact of the trade action has been “profound.”

The loans from both levels of government are aimed at helping the Sault Ste. Marie-based steelmaker:

• Continue operations
• Limit disruption to its workforce
• Move to a business model that isn’t as US reliant

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