Algoma reports $159.4M loss in the first quarter, compared with $24.5M loss last year

A sign for Algoma Steel Inc., the second largest steel producer in Canada, seen in Sault Ste. Marie, Ont., Friday, July 25, 2025. THE CANADIAN PRESS/Nick Iwanyshyn

SAULT STE. MARIE — Algoma Steel Group Inc. reported a net loss of $159.4 million during the first quarter, compared with a net loss of $24.5 million during the same period a year earlier.

That amounted to a net loss per diluted common share of $1.46 compared with a loss of of 48 cents during the prior-year quarter.

The Sault Ste. Marie-based steel producer says its consolidated revenue came in at $296.9 million for the three months ended March 31, down year-over-year from $517.1 million.

The company says its shipments totalled 223,681 tons, down from 469,731 tons during last year’s first quarter.

Algoma says it incurred $27.4 million in direct tariff costs during the first quarter, compared to $10.5 million during the same period last year.

The company says comparisons between the first quarter of 2026 and the first quarter last year were affected by Algoma’s transition away from blast furnace operations to its new electric arc furnace platform.

This report by The Canadian Press was first published May 12, 2026.