Algoma Steel Reports Q4 Net Loss of C$364.7M as EAF Steelmaking Transition Completes
Algoma Steel reported Q4 revenue of C$455 million, a 23% decline, and a net loss of C$364.7 million, with Adjusted EBITDA margin at -20.9% as shipments fell 31% to 378,533 tons. The company completed its transition to electric arc furnace steelmaking and secured a C$500 million liquidity facility.
1. Q4 Financial Performance
Algoma Steel reported consolidated revenue of C$455 million in Q4 2025, down from C$590.3 million a year earlier, and logged an operating loss of C$449.7 million. The net loss was C$364.7 million, while Adjusted EBITDA loss widened to C$95.2 million on a margin of -20.9% as shipments fell 31% to 378,533 tons.
2. Transition to Electric Arc Furnace
In early 2026, Algoma completed the shutdown of its blast furnace and fully transitioned to electric arc furnace steelmaking. The new EAF now operates on a continuous 24-hour schedule, with melt shop systems delivering product quality across plate and hot-rolled coil grades, marking a critical milestone in its multi-year modernization.
3. Liquidity and Strategic Positioning
Algoma secured a C$500 million government liquidity facility to strengthen its balance sheet and support ramp-up of EAF operations. Management highlights the company’s role as Canada’s sole discrete plate producer, aiming to supply key industrial and defense sectors and create long-term stakeholder value.