Algoma

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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