🇨🇦🚨 Big news for the steel town of Sault Ste. Marie! On Monday, Algoma Steel announced plans to lay off about 1,000 workers – more than a third of its team of 2,700 – thanks to unprecedented 50% U.S. tariffs that have shaken up the market.
These duties have slammed the brakes on Algoma’s exports, forcing the company to call in reinforcements earlier this year. In September, federal and Ontario authorities pitched in CA$500 million to help Algoma stay afloat. But even that boost couldn’t fully offset the tariff blow.
The layoffs are set to hit on March 23, 2026. Ontario’s Minister of Economic Development, Job Creation and Trade, Vic Fedeli, says the province is rolling out a special retraining center to get affected workers back on track. He’s also urging Ottawa to speed up buying local steel for pipelines, infrastructure, ships and defense projects.
For young pros and aspiring entrepreneurs, this story is a real-world reminder 💡 of how global trade policies can ripple through local communities. Stay tuned as we follow how Algoma and its workforce adapt to this steel-sized challenge! 🏭💪
Reference(s):
Canadian steelmaker to lay off 1,000 workers amid U.S. tariff pressure
cgtn.com
