Market Update | November 17th 2021

Algoma’s Board approved the construction of two EAFs which are expected to replace their current blast furnace operations over time. The project is expected to increase production capacity to 3.7 mt from 2.8 mt and come online in 2024, after a 30 month construction period. Additionally, the U.S. has started talks with Japan about the possibility of resetting the Section 232 trade tariffs. The recent agreement with the EU is likely to set the playbook for future trade agreements.