Algoma Steel Group Inc. announced financial results for the first three months of this year. The company reported a consolidated net loss of C$159.4 million for the first quarter, compared with a net loss of C$24.5 million in the previous quarter. Revenue was C$296.9 million, up from C$517.1 million a year earlier, while loss from operations widened to C$153.5 million from C$139.9 million. The comparison was significantly impacted by the transition from legacy blast furnace operations to the company's new electric arc furnace (EAF) platform and a significantly more unfavorable tariff environment.
18 January 2026 Algoma permanently ceased production of the blast furnace and associated coke oven batteries, ending 125 years of integrated coal-based steel production. The first quarter of 2026 was the first full quarter in which all liquid steel production was carried out at the new EAF plant. The first EAF unit and smelter are operating on a 24-hour schedule, and the second EAF unit is nearing completion, with steel production expected in the third quarter of 2026. Once fully transitioned, the Algoma plant is expected to have an annual raw steel production capacity of about 3.7 million tons and reduce carbon emissions by about 70 percent compared to pre-EAF levels.
CEO Rajat Marwah described the quarter as a "true turning point" for the company, noting that the EAF is operating around the clock and the plate mill produces Volta low-carbon steel at
