Algoma Steel Suspends Dividend as Tariffs Crimp Earnings

Algoma Steel Group Inc. suspended its dividend after posting a second-quarter loss as tariff costs soared during what the company’s top executive called a “fundamental” change to the steel market.

The Ontario steelmaker incurred C$64.1 million ($46.4 million) in costs tied to US levies on steel shipments in the three months through June, it said in a statement Tuesday.