Algoma Steel is a Canadian flat-rolled steel producer based in Sault Ste. Marie, Ontario, on the Great Lakes. Algoma produces two main product lines: sheet steel (hot rolled coil and cold rolled products), which represents roughly 77% of shipment volumes, and discrete plate steel, where Algoma holds a structural monopoly as the only discrete plate producer in Canada. Plate products range from standard carbon-manganese grades to high-strength specialty grades used in railcars, bridges, shipbuilding, pipelines, and defense applications. Algoma sells to roughly 235 customers across North America — primarily steel service centers, automotive manufacturers, fabricators, and energy and construction companies — largely through distributors. Algoma makes money by converting raw steel inputs into flat-rolled products and selling at a spread above production costs, with profitability driven by benchmark steel prices, scrap costs, and capacity utilization. Algoma is midway through a C$987M transformation from legacy blast furnace steelmaking to electric arc furnace (EAF) production, which it expects to reduce its carbon footprint by roughly 70%, lower fixed costs, and enable more flexible raw material sourcing. EAF Unit 1 achieved first steel in July 2025, and a second unit is expected in early 2026. The U.S. Section 232 tariff, raised to 50% in mid-2025, has effectively closed the U.S. market to Algoma, which historically shipped roughly half its volume there. In response, Algoma has pivoted toward the Canadian market, targeting 1.0-1.2M tons of annual production under current conditions, with a particular emphasis on its plate franchise given captive domestic demand from infrastructure, defense, and energy projects.