Rolled coils of steel sit in the yard at Algoma Steel Inc., the second largest steel producer in Canada, in Sault Ste. Marie, Ont., Friday, July 25, 2025. Photo by THE CANADIAN PRESS/Nick Iwanyshyn

Sault Ste. Marie, Ont.-based Algoma Steel Group Inc. chief executive Michael Garcia will step down at year’s end as the company continues to face United States tariffs that have caused steep losses.

The company on Wednesday framed the decision as a planned retirement initiated by Garcia in late 2024 and said the transition is the result of “a comprehensive succession planning process.” Chief financial officer Rajat Marwah will assume the CEO role in January.

Algoma is one of the Canadian companies that has been hardest-hit by U.S. tariffs. It reported a net loss of $ in the third quar

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