Steel shipments fell 65.5% at Algoma amid its switch to electric furnaces.
Algoma Steel Group (ASTL) reported a third-quarter 2026 net loss of C$129.6 million, with revenue falling to C$249.4 million as its transition to electric-arc steelmaking continued. Steel shipments significantly declined by 65.5%, but average net sales realization per ton increased by 33.7%. The company's adjusted EBITDA loss narrowed to C$13.9 million, and its second electric-arc furnace unit produced its first steel in October, expected to contribute to fourth-quarter production.
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