Canadian steel is footing the bill for the wall with the US
USMCA negotiations are strained due to steel tariffs, with Canada imposing 50% counter-tariffs on US products. Canadian steel production fell 15% in May 2026, with exports to the US down 55%. Algoma, a key player, faces financial struggles, while ArcelorMittal and Stelco (acquired by Cleveland Cliffs) adapt to domestic markets. Cleveland Cliffs' shares have lost 30% value since May 2025.





