The head of Algoma Steel says the federal government and Government of Ontario knew the company’s business plan included a re-tooling of its Sault Ste. Marie plant that would result in layoffs before they agreed to half a billion dollars in loan assistance to help the company weather the storm of U.S. tariffs.
… Garcia explained to host Vassy Kapelos that cutting jobs at Algoma Steel was “always the future of this company.” Only 1,600 employees are required to operate electric furnaces that can produce 3.2 million tonnes of steel, compared to 3,000 employees operating blast furnaces that produce two million tonnes, he noted.
However, transformation timelines have sped up as a result of unprecedented tariffs imposed by the United States, which have effectively closed off the American market to Canadian steel.
