GCC News 24

Business

Politics

Tech

Society

Green

Sports

Entertainment

English

The MTA Speaks| Prayer times| Weather Update| Gold Price

Algoma Steel Announces 1,000 Layoffs Despite $500M Government Support

Post by : Meena Hassan

Algoma Steel, a leading steel manufacturer in Canada, has notified 1,000 employees at its Sault Ste. Marie facility about impending layoffs, just a couple of months following a substantial $500 million loan package designed to safeguard jobs and enhance technology. This financial support comprises $400 million from the federal government and $100 million from the Ontario government, aimed at facilitating the company's shift to electric-arc furnace technology, anticipated to lower greenhouse gas emissions by as much as 80%.

Experts in the industry had predicted the layoffs due to the reduced labor requirements associated with the new technology. The challenges were further exacerbated by U.S. steel tariffs impacting the company's cash flow. Union representatives have criticized that the loans lacked employment guarantees. The CEO of Algoma affirmed that the government was informed of the company's strategic intent to phase out blast furnace operations in the long run.

These loans are part of a wider initiative to sustain Canada’s steel sector while promoting environmental advancements, even as workforce reductions appear to be an inevitable reality.

Dec. 3, 2025 12:04 p.m. 225

World News Business News Canada News

Dec. 3, 2025 12:39 p.m.

AI and Tech Struggle as Memory Chip Prices Soar Worldwide

A global shortage of memory chips is affecting AI, smartphones, and PCs, raising costs and creating supply challenges for tech companies

Dec. 3, 2025 12:35 p.m.

Bulldogs Beat Florida State by 34 Points in ACC-SEC Game

Georgia Bulldogs crushed Florida State 107-73 in ACC-SEC Challenge, led by Jeremiah Wilkinson's 22 points and strong team performance

Dec. 3, 2025 12:34 p.m.

Ranveer and Deepika Shine at Family Wedding in Goa

Ranveer Singh and Deepika Padukone captivated fans in red attire at a family wedding in Goa, sharing heartwarming moments that sparked online joy.

Dec. 3, 2025 12:32 p.m.

Binance Appoints Yi He as Co-CEO to Enhance Web3 Expansion

Binance elevates co-founder Yi He to co-CEO alongside Richard Teng to boost its global Web3 efforts and market footprint.

Dec. 3, 2025 12:32 p.m.

Miami Beats Ole Miss to Snap Road Losing Streak in ACC-SEC

Miami Hurricanes defeat Ole Miss 75-66, snapping a long road losing streak with strong shooting and key performances from Shelton Henderson

Dec. 3, 2025 12:27 p.m.

Casey Schmitt Wrist Surgery Successful, Recovery Starts Soon

Giants infielder Casey Schmitt had successful wrist surgery and will recover in 8-10 weeks, aiming to return by spring training in February

Dec. 3, 2025 12:27 p.m.

Chennai Schools Shut as Cyclone Ditwah's Aftermath Delivers Heavy Rains

Schools in Chennai are closed due to heavy rains from Cyclone Ditwah's remnants, with locals advised to remain indoors.

Dec. 3, 2025 12:24 p.m.

UAE Sends Emergency Relief to Sri Lanka Flood-Affected Areas

UAE launches urgent humanitarian aid to Sri Lanka, sending search-and-rescue teams and 20 tonnes of emergency relief supplies for flood victims

Dec. 3, 2025 12:14 p.m.

Netflix Considers Acquisition of Warner Bros to Lower Costs

Netflix is looking to acquire Warner Bros and HBO Max to slash streaming prices while expanding its content offerings.

Trending News

AI and Tech Struggle as Memory Chip Prices Soar Worldwide

A global shortage of memory chips is affecting AI, smartphones, and PCs, raising costs and creating

Dec. 3, 2025 12:39 p.m. 216

Bulldogs Beat Florida State by 34 Points in ACC-SEC Game

Georgia Bulldogs crushed Florida State 107-73 in ACC-SEC Challenge, led by Jeremiah Wilkinson's 22 p

Dec. 3, 2025 12:35 p.m. 217

Miami Beats Ole Miss to Snap Road Losing Streak in ACC-SEC

Miami Hurricanes defeat Ole Miss 75-66, snapping a long road losing streak with strong shooting and

Dec. 3, 2025 12:32 p.m. 219

Casey Schmitt Wrist Surgery Successful, Recovery Starts Soon

Giants infielder Casey Schmitt had successful wrist surgery and will recover in 8-10 weeks, aiming t

Dec. 3, 2025 12:27 p.m. 220

Star-Studded Performances to Ring in the New Year

Join Mariah Carey, Post Malone, and more for an exciting New Year’s Eve celebration filled with perf

Dec. 3, 2025 11:08 a.m. 226

Glenn Maxwell Steps Away From IPL After Thirteen Long Seasons

Australian all-rounder Glenn Maxwell has withdrawn from the IPL 2026 auctions, ending his 13-season

Dec. 3, 2025 10:58 a.m. 235

England Cricketer Robin Smith Dies at Age 62 in Australia

Former England batsman Robin Smith dies at 62 in Perth. Known for bravery and strong batting, he lea

Dec. 3, 2025 10:54 a.m. 226

OpenAI Partners With Thrive To Bring AI Into Traditional Firms

OpenAI joins with Thrive Holdings to bring advanced AI into traditional industries like accounting a

Dec. 2, 2025 5:51 p.m. 268

Algoma Steel Announces 1,000 Layoffs Despite $500M Government Support

Sponsored

Trending News