The Canadian government revealed a $400 million financial aid package for Algoma Steel as part of its initiative to assist large enterprises, as announced by Jobs Minister Patty Hajdu on Monday. The funding is intended to enable Algoma Steel Inc. to sustain its operations, shift towards a business model with reduced dependence on the United States, and minimize disruptions to its workforce, according to a government statement. Additionally, the Ontario government will contribute $100 million in support. Further updates on this development are expected.
