Traders should monitor the pace of EAF ramp-up and cost stabilization, as well as any developments on U.S. trade policy regarding Section 232 tariffs. The $500 million liquidity facility provides near-term runway, but profitability remains deeply challenged. Equity dilution risk may increase if additional capital is needed.
Price Chart
Executive Summary
Algoma Steel reported sharply worse financial results for Q4 and full-year 2025, with revenue down significantly year-over-year and massive losses driven by U.S. Section 232 tariffs, lower shipments, and costs tied to its accelerated transition to electric arc furnace (EAF) steelmaking. Despite operational progress on the EAF ramp-up and securing $500 million in government liquidity support, the company's financial performance deteriorated substantially.
Key Financial Metrics
Key Facts
- Q4 2025 revenue was $455.0 million, down from $590.3 million in Q4 2024 (-22.9% YoY)
- Q4 2025 net loss was $364.7 million vs. $66.5 million loss in prior year
- Full-year 2025 revenue was $2.086 billion vs. $2.462 billion in 2024 (-15.3% YoY)
- Full-year 2025 net loss was $984.9 million vs. $139.0 million loss in prior year
- Adjusted EBITDA loss of $261.4 million in 2025 vs. $22.4 million gain in 2024
- Shipments down 31% in Q4 and 14% for full year due to U.S. tariffs and operational transition
- Company secured $500 million in government liquidity support (LETL Facilities)
- Blast furnace operations ceased after December 31, 2025, accelerating EAF transition
Financial Impact
Revenue decline of $376 million and EBITDA deterioration of $283.8 million year-over-year, with net losses increasing by $845.9 million
Risk Factors
- Continued exposure to U.S. trade tariffs limiting export markets
- Execution risk in EAF ramp-up and product quality consistency
- Sustained negative EBITDA and cash flow pressure
- High fixed costs during transition period with reduced output
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3254193 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 2, 2026 4w ago | 6-K | $4.39 $4.30 | ▲ +1.94% | ▲ +0.98% | $4.34 (+1.03%) |
Aug 18, 2026 6w ago | 6-K | $4.09 $3.99 | ▲ +2.44% | ▲ +2.24% | $4.34 (−6.11%) |
Aug 17, 2026 6w ago | Institutional Cluster | $4.16 $4.01 | ▼ −3.61% | ▼ −2.42% | $4.34 (+4.33%) |
Jul 29, 2026 9w ago | Press Release | $3.84 $3.97 | ▼ −3.52% | ▲ +0.10% | $4.34 (−13.17%) |
Jul 16, 2026 11w ago | Press Release | $3.83 $4.35 | ▲ +13.58% | ▲ +14.26% | $4.34 (+13.32%) |
Jun 11, 2026 16w ago | Institutional Cluster | $4.71 $4.76 | ▲ +0.96% | ▲ +0.52% | $4.34 (−7.86%) |
Jun 4, 2026 17w ago | Press Release | $4.96 $5.01 | ▲ +1.01% | ▲ +0.44% | $4.34 (−12.50%) |
May 12, 2026 20w ago | Press Release | $5.00 $5.18 | ▼ −3.60% | ▼ −4.76% | $4.34 (+13.20%) |
Apr 30, 2026 22w ago | Press Release | $4.82 $5.14 | ▲ +6.64% | ▲ +4.29% | $4.34 (−9.96%) |
Apr 7, 2026 25w ago | Press Release | $4.41 $5.07 | ▲ +14.97% | ▲ +9.64% | $4.34 (−1.59%) |
US Market Status
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