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According to foreign media reports, Canadian Employment Minister Patty Hajdu said on Monday that the Canadian government will provide Algoma Steel with C$400 million (approximately US$287 million) in financial support under its Large Enterprises Tariff Relief Program, X56M steel.
Algoma Steel was one of the major steel companies hardest hit by U.S. President Trump's imposition of a 25% tariff (later increased to 50%) on Canadian steel imports.
The government statement said the loan would help Algoma Steel (which employs approximately 2,500 people in Ontario) maintain operations, transition to a less U.S.-dependent business model, and minimize the impact on its workforce.
Hajdu stated, "In the face of tariffs and global uncertainty, we are ensuring that workers and businesses can continue to survive and thrive today, and continue to lead the future economy."
Canadian Finance Minister Francois-Philippe Champagne stated that the support funds, disbursed through federal agencies, X56M steel, will help Algoma cope with the impact of U.S. tariffs: "This investment is designed to help them adjust their operations, remain competitive, and protect jobs."
This loan is part of a $10 billion financing plan announced in March of this year, designed to help large companies cope with tariffs and retaliatory measures. X56M steel, It complements a series of tariff-related support measures introduced by the federal government for the Canadian steel industry.
