The Canadian Press

Algoma Steel Group Inc. announced that its CEO Michael Garcia will retire from the company at the end of the year as it reported its earnings for the third quarter.

The Sault Ste. Marie steelmaker said Garcia will be succeeded by its current chief financial officer Rajat Marwah, effective on Jan. 1. Algoma said in a press release that Garcia had informed the board of directors late last year that he was considering retirement. Garcia was appointed as the CEO in June of 2022 and has more recently been leading the business through uncertainty as it has been hit hard by U.S. tariffs.

The announcement came as the company reported a net loss of $485.1 million during the third quarter, compared with a net loss of $106.6 million during the same period a year earlier.

The lo

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