10:04:16 EDT Fri 23 Oct 2026
Enter Symbol
or Name
USA
CA



Algoma Steel Group Inc
Symbol ASTL
Shares Issued 105,661,468
Close 2026-10-22 C$ 6.42
Market Cap C$ 678,346,625
Recent Sedar+ Documents

Globe says Algoma Steel told Joly gives Stelco 15 days

2026-10-23 08:31 ET - In the News

The Globe and Mail reports in its Friday edition that Industry Minister Mélanie Joly has sent Stelco a new letter demanding it comply with its Investment Canada Act undertakings after it announced hundreds of job cuts last month. The Globe's Niall McGee writes that she also criticized Cleveland-Cliffs boss Lourenco Goncalves for repeatedly backing President Donald Trump's tariffs on Canadian steelmakers. The letter sent to Stelco president Paul Simon on Thursday stated that the company has 15 days to respond or possibly face legal action by Ottawa that would seek to enforce the terms of the agreement. Ms. Joly detailed in the letter multiple examples of the company allegedly violating its legally binding commitments and demanding it comply. In an October, 2025, interview with Politico, the Cliffs chief executive officer said he was "very happy" with the 50-per-cent tariffs on steel, and in fact took credit for them. "I have my fingerprints on that 50 per cent. In other words, I influenced that," Mr. Goncalves told Politico. Cliffs has said that it was forced to issue the layoffs in Canada in large part because of the trade war. Mr. Goncalves has argued that the trade war gives it leeway to not honour its commitments.

© 2026 Canjex Publishing Ltd. All rights reserved.