U.S. Steel is suing Algoma Steel, a top Canadian producer, over a planned shipment of iron pellets that the northern company allegedly no longer wants.

Based in Ontario, Algoma is one of the largest Canadian steel companies by revenue, but its stock has plummeted since Donald Trump took office, falling from $10 a share to below $4, as tariffs on Canadian imports have hurt revenue.

The decline was so sudden and severe that Canada’s government is now offering Algoma a $400 million loan to “continue operations, transition to a business model less reliant on the United States, and limit disruption to its workforce.” The Government of Ontario is providing an additional $100 million.

Tariffs have “effectively closed the U.S. market to Canadian steel,” Algoma said in a news release, outlining

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