ASTL
ALGOMA STEEL GROUP INC
stock TSE

A few random quotes I've copied:
> Sault Ste. Marie, Ont.-based Algoma Inc., the only independently owned domestic mill in Canada, said the U.S. accounted for more than half of its revenues before the tariffs. It accepted a $400-million federal loan last year, and former chief executive Michael Garcia said the company could have faced insolvency without the support.
Also, [this is last earnings]
> Algoma Steel Group Inc (NASDAQ:ASTL) incurred Canadian $27.4 million in direct tariff costs due to the 50% U.S. Section 232 tariff on steel imports from Canada.
> Adjusted EBITDA for the quarter was a loss of $28.7 million, reflecting ongoing transition-related costs and reduced fixed cost absorption.
And also, [also last earnings]
> Q: Can you provide some guidance on how the capacity utilization adjustment is expected to trend down in Q2 and Q3, and what should we expect for Q4 EBITDA? A: We anticipate a linear reduction in the capacity utilization adjustment from $90 million this quarter to zero by Q4. Our expectation is to break even on EBITDA by the fourth quarter, assuming no significant changes in input or steel prices. Michael Marrocca, CFO
With those things in mind,
Open up financials of ASTL, go to "quarterly cash flow" and ask yourself how long do you think they can go before they can't issue more debt.
Operating at a loss is not sustainable. The last profitable quarter was 2025-03-01 , tarrifs start the next month.

A few random quotes I've copied:
> Sault Ste. Marie, Ont.-based Algoma Inc., the only independently owned domestic mill in Canada, said the U.S. accounted for more than half of its revenues before the tariffs. It accepted a $400-million federal loan last year, and former chief executive Michael Garcia said the company could have faced insolvency without the support.
Also, [this is last earnings]
> Algoma Steel Group Inc (NASDAQ:ASTL) incurred Canadian $27.4 million in direct tariff costs due to the 50% U.S. Section 232 tariff on steel imports from Canada.
> Adjusted EBITDA for the quarter was a loss of $28.7 million, reflecting ongoing transition-related costs and reduced fixed cost absorption.
And also, [also last earnings]
> Q: Can you provide some guidance on how the capacity utilization adjustment is expected to trend down in Q2 and Q3, and what should we expect for Q4 EBITDA? A: We anticipate a linear reduction in the capacity utilization adjustment from $90 million this quarter to zero by Q4. Our expectation is to break even on EBITDA by the fourth quarter, assuming no significant changes in input or steel prices. Michael Marrocca, CFO
With those things in mind,
Open up financials of ASTL, go to "quarterly cash flow" and ask yourself how long do you think they can go before they can't issue more debt.
Operating at a loss is not sustainable. The last profitable quarter was 2025-03-01 , tarrifs start the next month.