Canada to Lend Algoma Steel C$500 Million to Deal With US Tariff Squeeze
Summary
Published on 09/29/2025 at 09:11 am EDT - Modified on 09/29/2025 at 09:11 am EDTOTTAWA--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 Americas largest foreign supplier of the metal.Canadas 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 didnt immediately respond to a request for comment.