Morningstar

Canada to Lend Algoma Steel C$500 Million to Deal With US Tariff Squeeze

Provided by Dow Jones

By Paul Vieira 




  OTTAWA--The governments of Canada and Ontario are providing Algoma Steel Group with a half-billion Canadian dollars of financing to cope with hefty Trump administration tariffs on the metal. 



  According to a press release, the Canadian government is lending 400 million Canadian dollars, or the equivalent of $287 million, while the province of Ontario is chipping in with C$100 million. The loan marks the first piece of relevant financial support Prime Minister Mark Carney has delivered for the steel sector, which faces a 50% tariff on products entering the U.S. 



  Canada is America's largest foreign supplier of the metal. 



  Canada's Finance Minister Francois-Philippe Champagne said the financing would help Sault Ste. Marie, Ont.-based Algoma to continue operations, help find new non-U.S. markets and limit layoffs. 



  Representatives from Algoma didn't immediately respond to a request for comment. 





  Write to Paul Vieira at paul.vieira@wsj.com 





  (END) Dow Jones Newswires



  September 29, 2025 09:09 ET (13:09 GMT)


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