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EDITORIAL: Public kept in dark about Algoma layoffs
9+ mon, 1+ week ago (381+ words) When it comes to the $500 million in loan guarantees the federal and Ontario governments gave to Algoma Steel in September, we now know they treated taxpayers who were financing them like mushrooms. That is, they kept them in the dark…...
Ontario, Ottawa knew of Algoma Steel's layoff plans, CEO says
9+ mon, 1+ week ago (408+ words) "I don't think anybody would loan the company half a billion dollars without asking very detailed questions," says Algoma Steel's CEO. OTTAWA — Both the provincial and federal governments were aware Algoma Steel planned to conduct layoffs before giving the Sault…...
Algoma Steel highlights new strategy after layoffs as it looks to lower costs
9+ mon, 1+ week ago (274+ words) SAULT STE. MARIE — The CEO of Algoma Steel says he recognized the need to accelerate the company’s plan to lower its costs well before tariffs came into play, as the company plans to let go of more than 1,000 workers. Michael…...
Algoma Steel to lay off 1,000 employees, blames Donald Trump's tariffs
9+ mon, 1+ week ago (523+ words) Announcement comes two weeks after Sault Ste. Marie-based company received $500M in government financing Algoma Steel has issued 1,000 layoff notices just two weeks after the tariff-battered company received a combined $500 million in federal and provincial government financing. The Sault Ste. Marie-based…...
Sault Ste. Marie MP says Trump tried to wipe Algoma Steel ’off the map’
11+ mon, 1+ week ago (185+ words) OTTAWA — The member of Parliament for Sault Ste. Marie and the Algoma region says U.S. President Donald Trump tried to “wipe Algoma Steel off the map” with his punishing tariffs. But Terry Sheehan says the federal government’s recently announced lifeline…...
Algoma Steel’s future looking more secure with government loans: Analyst
11+ mon, 1+ week ago (210+ words) SAULT STE. MARIE — The $500 million in government loans to Algoma Steel Group Inc. has at least one analyst saying the cash could help set the company up for the longer term. RBC analyst James McGarragle says the loans, and the…...