{"id":62851,"date":"2025-08-09T10:00:19","date_gmt":"2025-08-09T10:00:19","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2025\/08\/09\/canadian-steelmakers-need-to-focus-on-domestic-market-as-tariffs-lock-them-out-of-u-s-algoma-ceo\/"},"modified":"2025-08-09T10:00:19","modified_gmt":"2025-08-09T10:00:19","slug":"canadian-steelmakers-need-to-focus-on-domestic-market-as-tariffs-lock-them-out-of-u-s-algoma-ceo","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2025\/08\/09\/canadian-steelmakers-need-to-focus-on-domestic-market-as-tariffs-lock-them-out-of-u-s-algoma-ceo\/","title":{"rendered":"Canadian steelmakers need to focus on domestic market as tariffs lock them out of U.S.: Algoma CEO"},"content":{"rendered":"<p> \n<br \/><br \/>\n<iframe loading=\"lazy\" title=\"No foreign markets for Canadian steel other than U.S.\" width=\"1080\" height=\"608\" src=\"https:\/\/www.youtube.com\/embed\/N1bvcp1FaHI?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><br \/>\n<\/iframe><\/p>\n<p> Canadian <\/p>\n<p>                        steelmakers<\/p>\n<p>                         might need to pivot their focus on the domestic industry as steep <\/p>\n<p>                        tariffs<\/p>\n<p>                         lock them out of the <\/p>\n<p>                        United States<\/p>\n<p>                         market, according to the chief executive of Canada\u2019s second-largest steel producer. <\/p>\n<p> \u201cWe\u2019ll have little to no business in the U.S. if the 50 per cent tariff continues,\u201d <\/p>\n<p>                        Algoma Steel Inc.<\/p>\n<p>                         CEO Michael Garcia said in a recent interview with the Financial Post\u2019s Larysa Harapyn. \u201cOnce the full effect of (the tariffs) plays out, it will effectively lock out Algoma and frankly other Canadian steel producers from the U.S. market.\u201d <\/p>\n<p> Garcia said not having economic access to customers in the U.S. would be a big challenge for Canadian steelmakers because that\u2019s where most of their product goes. \u201cThere really are no practical foreign markets for Canadian steel other than the U.S. market,\u201d he said. <\/p>\n<p> But entering the domestic market comes with its own obstacles. Garcia said roughly two-thirds of the country\u2019s steel is supplied by foreign companies, so Canadian steelmakers would face a lot of competition. <\/p>\n<p> \u201cMuch of that steel is unfairly traded and dumped into the Canadian market,\u201d he said. \u201cThat\u2019s accelerated now that the U.S. has 50 per cent tariffs on all foreign steel coming into the U.S.\u201d <\/p>\n<p> Garcia said another problem is that most of the steel produced domestically is coil, and steelmakers would need to diversify their product to appeal to Canadian businesses. <\/p>\n<p> \u201cThat requires investment, that requires time,\u201d he said. \u201cThere has to be an environment where Canadian steelmakers are making the \u2026 type of steel that is consumed in Canada and have a free-trade environment to win that business.\u201d <\/p>\n<p> The federal government said last month that it is setting aside $1 billion from its Strategic Innovation Fund to help Canadian steel companies advance new projects. But Garcia said there isn\u2019t an uptick in demand for those projects yet. <\/p>\n<ul class=\"related_links\">\n<li>\u2018We&#8217;ve got concerns\u2019: Steel import restrictions spark fear of shortages in Western Canada<\/li>\n<li>Carney says Canada to curb steel imports to protect industry<\/li>\n<\/ul>\n<p> \u201cOur challenge is to bridge the company into the future,\u201d he said. \u201cMake sure we\u2019re making the right type of products, that are demanded by Canadian customers, and be there when that demand appears.\u201d <\/p>\n<p> <em>\u2022 Email: novid@postmedia.com<br \/> <\/em> <\/p>\n\n<br \/>Canadian steelmakers need to focus on domestic market as tariffs lock them out of U.S.: Algoma CEO<\/a><br \/>\n<br \/>2025-08-09 10:00:19<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Canadian steelmakers might need to pivot their focus on the domestic industry as steep tariffs lock them out of the United States market, according to the chief executive of Canada\u2019s&#8230;<\/p>\n","protected":false},"author":2,"featured_media":62853,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[],"class_list":["post-62851","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy"],"_links":{"self":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/62851","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/comments?post=62851"}],"version-history":[{"count":0,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/62851\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media\/62853"}],"wp:attachment":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media?parent=62851"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/categories?post=62851"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/tags?post=62851"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}