Within the transformation carried out at the facilities in Sault Ste. Marie, Ontario, Algoma Steel Group Inc. reported that all liquid steel production is now supplied from the EAF facility. The company stated that, following the completion of this transformation, annual crude steel production capacity is expected to reach approximately 3.7 million tonnes, with carbon emissions anticipated to decrease by about 70% compared to previous levels.
According to the company’s financial results, consolidated revenues in the fourth quarter of 2025 declined from CAD 590.3 million in the same period of the previous year to CAD 455 million. Operating loss in the same period increased from CAD 124.8 million to CAD 449.7 million, while net loss rose from CAD 66.5 million to CAD 364.7 million. Shipments fell by 31% from 548,802 tonnes to 378,533 tonnes.
Adjusted EBITDA loss in the fourth quarter was CAD 95.2 million. The company’s average realized steel price was CAD 1,077 per tonne, while the cost of goods sold per tonne was CAD 1,332.
For the full year 2025, revenues decreased from CAD 2.46 billion in the previous year to CAD 2.09 billion. Operating loss increased from CAD 217.8 million to CAD 1.33 billion, and net loss rose from CAD 139 million to CAD 984.9 million. Annual shipments declined by 14% from 2.02 million tonnes to 1.74 million tonnes.
CEO Rajat Marwah described the fourth quarter as a significant milestone in the company’s transformation process, noting that the U.S. imposition of 50% Section 232 tariffs on steel imports has created serious challenges for Canadian producers and significantly restricted access to the U.S. market. Marwah added that, despite this, the early performance of the electric arc furnace is encouraging and the facility is now operating 24 hours uninterrupted.
Chief Financial Officer Michael Moraca stated that the CAD 500 million liquidity support provided by the government has strengthened the balance sheet during the ramp-up of EAF production and provided financial flexibility to pursue strategic opportunities.
Algoma also announced that it secured government-backed financing under a major business tariff credit program signed in November 2025, and in January 2026 entered into a long-term strategic cooperation agreement with South Korea-based Hanwha Ocean Co. Ltd., with a total potential value of up to USD 250 million.
With its new production platform, the company plans to focus particularly on plate production while gradually reducing coil production to adapt to market conditions in Canada. Algoma emphasized that, as Canada’s sole plate producer, it will continue to play a key role in supplying domestic steel to sectors such as energy, defense, shipbuilding, and infrastructure.
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