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Algoma Steel Announces Over 1,000 Layoffs Amid Tariffs and Transition

  Reeling from high tariffs imposed by U.S. President Donald Trump, Algoma Steel confirmed Monday it has issued layoff notices to about 1,000 workers.  Algoma Steel, a major employer in Sault Ste. Marie, Ontario, has confirmed plans to lay off more than 1,000 workers in the coming months. The company issued 1,050 layoff notices as part of its decision to shut down its blast furnace and coke oven operations, accelerating its transition to electric arc furnace (EAF) technology. The layoffs, expected to take effect by March 23, 2026 , come as Algoma faces mounting financial pressures. The company reported nearly half a billion dollars in losses last quarter and cited “unprecedented tariffs” imposed by the United States as a key factor in reshaping its competitive landscape. Union leaders from United Steelworkers Locals 2724 and 2251 confirmed the layoffs, noting that while the workforce had anticipated job reductions tied to the EAF transition, the U.S. tariffs accelerated ...
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Global Outage Sends Markets Tumbling: S&P/TSX and U.S. Indices Drop


The S&P/TSX composite index closed lower on Friday, reflecting a broader downturn in global markets. The index fell by 36.37 points to settle at 22,690.39. This decline was part of a larger trend, as U.S. markets also experienced significant losses.

The downturn was largely attributed to a global outage caused by a faulty software update from CrowdStrike, which affected numerous companies and organizations worldwide. In the U.S., the Dow Jones Industrial Average dropped 377.49 points to 40,287.53, while the S&P 500 and Nasdaq composite indices fell by 39.59 points and 144.28 points, respectively.

The Canadian dollar also saw a slight decrease, trading at 72.85 cents U.S., down from 73.01 cents U.S. on Thursday. Commodity markets were not spared, with crude oil prices dropping by $2.66 to $78.64 per barrel, and gold prices falling by $57.30 to $2,399.10 an ounce.

This market reaction underscores the interconnected nature of global financial systems and the widespread impact that technological disruptions can have on economic stability.


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