Algoma Steel reported October 28 that third-quarter revenue fell to C$249.4 million from C$523.9 million a year earlier as it continued switching to electric-arc-furnace production.
The company recorded a C$129.6 million net loss, compared with a C$485.1 million loss in the corresponding 2025 quarter. The prior period included a substantial noncash impairment charge, complicating a direct comparison of operating losses.
Shipments declined to 144,527 tons from 419,173 tons. Algoma attributed the decline to its production transition, U.S. tariffs affecting export sales and an outage at Lake Superior Power.
The company said all liquid steel production during the quarter came from its first electric-arc-furnace unit. Its legacy blast-furnace operations stopped permanently in January. A second electric furnace produced its first steel earlier in October and is ramping up.
Operating activities generated C$78.6 million in cash, including collection of C$163.9 million in income-tax receivables. That tax collection materially contributed to the positive cash-flow figure.
The results cover the three months ended September 30. Financial amounts are Canadian dollars.
Sources Algoma Steel quarterly financial results, October 28, 2026.