The company narrowed its net loss to 129.6 million Canadian dollars, or 1.18 per share, significantly better than the 485.1 million loss recorded in the same period last year. That prior-year figure was heavily distorted by a 503.4 million noncash impairment charge. Despite missing analyst expectations for per-share losses, the firm outperformed revenue forecasts of 229.5 million Canadian dollars.

The sharp decline in output stems from the ongoing overhaul of Algoma’s manufacturing platform. Beyond the transition to electric arc furnaces, the company faced external headwinds including an unexpected outage at the Lake Superior Power facility and the impact of U.S. tariffs on its export operations. While shipment volumes contracted, the company offset some pressure by securing higher average net sales per ton, bolstered by rising steel prices and a favorable product mix favoring steel plate.