Algoma Steel CEO Michael Garcia: US tariffs have "closed off" US market, forcing layoffs and accelerating transition to lower-cost steelmaker.

Algoma Steel CEO Michael Garcia says tariffs imposed by the US have forced the company to lay off 1,000 employees, citing the "tariff shock" as a significant factor. Garcia attributes the loss of access to the US market to President Trump's imposition of 50% tariffs on steel imports, which he says rendered traditional blast-furnace steelmaking no longer viable. Garcia emphasizes the importance of government partnership in ensuring the company's pivot strategy succeeds and promoting a strong Canadian steel industry.