Algoma

Seaspan Vancouver Shipyards has signed a Memorandum of Understanding with Ontario-based Stigterstaal Canada and Algoma Steel Inc. to establish a domestic steel supply chain for shipbuilding in Canada. The agreement, announced today, will explore Algoma Steel supplying both Class and non-Class steel to Seaspan through Stigterstaal, which will serve as a commercial and logistical subcontractor.

The partnership aims to support Seaspan’s construction of the Canadian Coast Guard’s new heavy polar icebreaker, which began this past April. This vessel will be the only heavy Polar Icebreaker fully built in Canada and, upon completion, will become the largest and most capable ship in the CCG’s fleet.

“This signed Memorandum of Understanding paves the way for Seaspan, Stigterstaal and Algoma to build on our shared goals of mutual economic benefits to our nation,” said Kate Morton, Vice President of Supply Chain Management at Seaspan. “Seaspan is committed to partnering with Algoma and Stigterstaal for future shipbuilding initiatives, ensuring that knowledge from other shipbuilding and icebreaking jurisdictions is developed in Canada.”

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North Vancouver, B.C. — Seaspan Vancouver Shipyards  has signed a Memorandum of Understanding with Stigterstaal Canada and Algoma Steel Inc. to explore a strategic partnership aimed at reestablishing a domestic steel supply chain focused on bolstering and expanding shipbuilding in Canada.

The memorandum provides a framework for the three companies to assess the feasibility of Algoma Steel supplying Class and non-Class steel to Seaspan through Stigterstaal, who will act as a commercial and logistical subcontractor. All parties will engage in discussions to evaluate technical, commercial and logistical requirements for Seaspan’s first-in-class icebreaker build. The collaboration also seeks to strengthen Canadian industrial capabilities and support the long-term sustainability of the national shipbuilding sector.

In April, Seaspan began construction on the Canadian Coast Guard’s (CCG) new heavy polar icebreaker. This will be the only heavy Polar Icebreaker to be fully built in Canada and, once delivered, will be the largest and most capable ship in the CCG’s fleet. The ship will be used for scientific expeditions, search and rescue missions, and protecting Canada’s Arctic sovereignty. Capable of breaking 2.5 metres of ice continuously, the ship will be used for year-round operations in the Arctic. The heavy icebreaker is the seventh vessel designed and built by Seaspan under Canada’s National Shipbuilding Strategy (NSS).

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Algoma Central Corporation, known for its dry bulk operations, has commissioned the first of two newly built product tankers that will be used for service in conjunction with Canada’s Irving Oil. The vessels will service Canada’s largest refinery with deliveries to ports in Atlantic Canada and the U.S. East Coast.

The Algoma East Coast arrived in St. John, New Brunswick today, April 28, after completing its inspections and entry into the Canadian shipping registry. It will be followed by the Algoma Acadian, which will arrive later this spring. She is currently in the Indian Ocean on her delivery run and they will need to undergo Canadian certification and registry before entering service. The vessels were built at the Hyundai Mipo Shipyard in South Korea and represent an investment of C$127 million (US$92 million) by Algoma in partnership with Irving Oil.

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The plant is on the cusp of entering a new era of steel production with the first of two $880-million electric arc furnaces (EAF) entering first steel production in April.

All this is happening in the opening rounds of a fast-evolving trade environment, with the Trump administration hammering the Canadian steel and aluminum sector with 25 per cent tariffs on American imports.

Canada has hit back with a dollar-for-dollar 25 per cent tariff on American steel and aluminum imports.

Ottawa’s actions this week to slap retaliatory tariffs will certainly help Algoma’s cause, Garcia said, since there’s approximately 3.5 million tonnes of U.S.-made steel that’s been circulating in the Canadian market over the last 12 months.

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Algoma Central Corporation today reported its results for the year ended December 31, 2024. The St. Catharines-based shipping enterprise reported revenues of $703.4M compared to revenues of $721M in 2023. Net earnings for 2024 were $91.6M compared to earnings of $82.8M in 2023. The Company reported 2024 EBITDA of $200.4M compared to $186M for 2023.  

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