10:59:20 EDT Tue 13 Oct 2026
Enter Symbol
or Name
USA
CA



Algoma Steel Group Inc
Symbol ASTL
Shares Issued 105,661,468
Close 2026-10-09 C$ 6.15
Market Cap C$ 649,818,028
Recent Sedar+ Documents

Globe says Algoma hears Stelco stick with punishment

2026-10-13 07:06 ET - In the News

The Globe and Mail reports in its Monday edition that Stelco has informed Ottawa it is not in violation of its Investment Canada Act job commitments, and it is proceeding as planned with hundreds of layoffs in Canada. The Globe's Niall McGee writes that Cleveland-Cliffs' Stelco announced on Sept. 28 that it was laying off up to 500 workers in Hamilton and Nanticoke, Ont., saying it couldn't compete in the galvanized steel market as a result of the trade war. Stelco's chief executive officer is a big supporter of President Donald Trump. When the federal government approved Cliffs' $3.4-billion acquisition of Stelco in 2024, it imposed legally binding conditions, including maintaining at least the same number of unionized employees in Canada for five years. On Oct. 5, Industry Minister Mélanie Joly issued the Ohio-based steelmaker an ultimatum to comply with its employment guarantees or possibly face legal action. In its response letter, Stelco told Ms. Joly the steelmaker is in fact not in violation of its commitments, citing a legal provision around the promises. Cliffs has said it is prepared to immediately call back laid-off workers in Canada if Ottawa can reach a "Fortress North America" trade pact with the U.S.

© 2026 Canjex Publishing Ltd. All rights reserved.