While the company’s loss decreased compared to the same period last year, its revenue and shipments saw a sharp year-over-year decline.
Algoma Steel announced that it posted a net loss of $96 million in the second quarter of 2026. The company had reported a net loss of $110.6 million in the same period of 2025.
Diluted loss per share fell to $0.88 from $1.02 in the second quarter of last year.
Revenue and Shipments Declined
The company’s second-quarter consolidated revenue totaled $267.5 million. This figure was significantly below the $589.7 million reported for the same period last year.
Shipments also declined significantly during the same period, falling to 181,473 metric tons. Algoma Steel had shipped 472,056 metric tons in the second quarter of 2025.
The company reported that it incurred $18.7 million in direct tariff costs during the second quarter. This amount represents a significant decrease compared to the $64.1 million recorded during the same period last year.
Algoma Steel CEO Rajat Marwah noted that the company is Canada’s only independent producer of heavy plate and stated that it is well-positioned to meet growing demand from the infrastructure, construction, and defense sectors.
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