05:22 PM EDT, 10/29/2025 (MT Newswires) -- Algoma Steel Group ( ASTL ) Wednesday after-trade said its third-quarter loss widened and revenue dropped as its U.S. exports fell due to tariffs.

The company said its loss widened to $485.1 million, or $4.46 per share, from $106.6 million, or $0.98, in the prior-year quarter. The change was driven primarily by a non-cash impairment loss of $503.4 million, losses from operations and foreign exchange.

Consolidated revenue narrowed to $523.9 million from $600.3 million. Analysts polled by FactSet had forecast $481.6 million. Shipments fell to 419,173 tons, from 520,443 tons over the same period. Algoma noted that steel revenue declined to $473.3 million from $539 million, and revenue per ton of steel sold was $1,250, compared to $1,153.

"Our third quarter results were largely in line with our previously announced guidance as we continue to navigate a challenging steel market environment. The U.S. steel market remains largely closed to us, and broader market conditions continue to present headwinds. However, we have taken decisive action to strengthen our position during this period of uncertainty. Our focus remains on advancing our electric arc furnace transition, improving our cost structure, and positioning Algoma for sustainable profitability in the years ahead," said chief executive Michael Garcia.

Algoma, which secured $500 million in government-backed liquidity support through the Large Enterprise Tariff Loan facility and a companion facility from Ontario, expects to be in a position to draw on the government facilities early in the fourth quarter.

The company separately announced that Michael Garcia will retire from Algoma Steel ( ASTL ) at the end of this calendar year. The company's chief financial officer Rajat Marwah will be appointed to the role of chief executive officer on Jan. 1.

Algoma shares closed up $0.84 to $30.05 on the Toronto Stock Exchange.