Canada’s Algoma Steel reported a net loss of C$129.6 million for the third quarter of 2026. Steel shipments fell 20.4% from the previous quarter to 144,527 tons, while revenue declined 6.8% to C$249.4 million.
The loss was higher than the C$96 million recorded in the second quarter of 2026, but well below the C$485.1 million loss a year earlier. Year over year, revenue fell 52.4% and shipments dropped 65.5%. Average net sales per ton increased to C$1,510, reflecting higher steel prices and a larger share of plate in the sales mix.
Algoma cited its transition to all-electric-arc-furnace steelmaking after shutting down its blast furnaces on January 18, 2026, the impact of US Section 232 tariffs on exports, and an unplanned outage at the Lake Superior Power generating facility. The company also used the downtime to complete some previously scheduled maintenance.
After the quarter ended, Algoma brought its second electric arc furnace online, producing its first steel on October 9. Chief Executive Rajat Marwah called it “a major milestone for Algoma” and said the company was entering the final phase of the biggest transformation in its history.
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