Ontario-based Algoma Steel Group Inc. will receive $500 million in federal and provincial loan assistance to help reorient its business to cope with the impact of U.S. tariffs.
Ottawa’s $400 million in financial assistance will come from the Large Enterprise Tariff Loan program. The Ontario government will also provide $100 million to the Sault Ste. Marie, Ont.-based company.
The federal government said in a statement the impact of U.S. tariffs on the steel sector is “profound.”
Ottawa introduced the $10-billion financing program in March to support companies affected by tariffs.
The loans are to help Algoma Steel continue operations, limit disruption to its workforce and move to a business model that isn’t as reliant on the U.S….