The chief executive of Algoma Steel says the company is ramping up its pivot to the Canadian market as headwinds from U.S. tariffs constrain its shipments south of the border.
Rajat Marwah says the steelmaker incurred $18.7 million in direct tariff costs in the second quarter, down from $64.1 million a year ago, as it reduced its exports to the U.S.
“The 50 percent U.S. Section 232 tariff on steel imports from Canada continues to define the operating landscape,” he said during a second-quarter earnings call on Thursday.
The Sault Ste. Marie-based company reported its shipments during the quarter were approximately 181,500 tons, down 62 percent year-over-year. Shipments to the U.S. represented 23 percent, down from 54 percent last year and lower than its historical range of 45 to 55 percent….