10:27 AM EDT, 03/24/2026 (MT Newswires) -- Monday was the final day on the job site for many Algoma Steel ( ASTL ) employees, CTV News is reporting Tuesday.

The report said hundreds of Algoma employees worked their final shift in the last four days, part of the 1,000 job cuts related to the company's early switch to electric steelmaking.

Punishing tariffs imposed by the United States on steel exports forced the company to accelerate the layoffs, which were announced late last year, it added.

The report did note that developing plans for the $200 million Port of Sault Ste. Marie proposal is one way that city council hopes to bring back jobs to the community. If all goes well and the project receives funding from upper levels of government, it could create more than 2,400 jobs in a few years' time, the report said.

"The construction jobs would be 1,400-1,800, depending on when the work was being undertaken," said Mayor Matthew Shoemaker. "And so that would be a good bridge for those 1,000 workers that are being laid off in the short term, if they were interested in construction....jobs for the port."

Sault Ste. Marie has already submitted funding applications for the port project -- and hopes to get a response shortly after the April deadline.

(Market Chatter news is derived from conversations with market professionals globally, and/or from other media sources. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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