OTTAWA — The Federal and Ontario governments have approved a combined $500 million loan for the Algoma Steel Group, which has been severely affected by ongoing U.S. tariffs.
The Sault Ste. Marie, Ontario-based company will receive $400 million through the Federal government’s Large Enterprise Tariff Loan Program, supplemented by $100 million from the Government of Ontario.
The Federal government stated that the U.S. tariffs have created a “severe impact” on the Canadian steel sector.
It further announced that the loan is intended to help Algoma Steel sustain its operations and retain its workforce without undue reliance on the United States market. This financial aid follows a broader commitment: the Federal government had introduced a $1 billion financial assistance program in March to support Canadian companies impacted by the tariffs.
