US steel imports fall under tariff regime
US finished steel imports declined sharply through the first five months of 2026, according to American Iron and Steel Institute (AISI) data drawn from US Census Bureau figures. Total and finished imports fell 22.9% and 24.5%, respectively, compared with the same January–May period in 2025. Over the 12-month span from July 2025 through June 2026—covering most of the US steel tariff era—total and finished imports dropped 22% and 25.9% versus the prior 12 months. June 2026 brought roughly 2 million tons of steel imports, including 1.46 million tons of finished steel, down 4.3% and 6.9% from May. Finished steel's import market share was an estimated 17% in June, slightly above the 16% averaged across the first half.
Canada, Mexico and Brazil shipments slide; South Korea gains
Among the five largest cross-border or overseas suppliers, four posted double-digit declines in the July 2025–June 2026 window versus the prior year. Shipments from Canada fell 44%, from Mexico 35%, and from Brazil 33%, while Vietnam slipped 2%. South Korea was the lone outlier, with 3.2 million tons shipped to the United States representing a 17% increase. The redistribution underscores how US tariff policy has reshaped trade flows without meaningfully displacing foreign supply, as finished imports still accounted for an estimated one-sixth of US consumption in June.
Algoma Steel absorbs tariff cost, pivots to Canada
Algoma Steel reported a net loss of C$96 million in the second quarter, narrower than the C$110.6 million loss a year earlier, while absorbing US$18.7 million in direct Section 232 tariff costs—down from US$64.1 million in the year-ago quarter as it cut US-bound shipments. Total shipments of 181,500 tons were down 62% year-on-year, with the United States receiving just 23% of volume versus 54% previously and a historical 45–55% band. Chief executive Rajat Marwah said the 50% US Section 232 tariff on Canadian steel "continues to define the operating landscape." The company is accelerating its shift toward electric-arc-furnace production, prioritizing steel plate over coil, and targeting the Canadian defence supply chain through its Roshel Algoma Defence partnership. A memorandum of understanding with Hanwha Ocean for Canada's submarine program was suspended earlier in July after the federal government selected Thyssenkrupp Marine Systems as preferred negotiator, though Marwah said plate and structural beam plans remain on track. Algoma shares closed about 10% lower at C$5.35 on the Toronto Stock Exchange.
Aperam posts strongest quarter in four years on price gains
Luxembourg-based Aperam's Stainless & Electrical Steel segment generated €1.08 billion in second-quarter sales, up 9% quarter-on-quarter and 6.8% year-on-year, driven mainly by a 9.1% sequential and 6.2% annual rise in average selling price to €2,400 per metric ton. Segment shipments held steady sequentially at 430,000 metric tons. Adjusted EBITDA for the segment climbed 68.6% sequentially to €59 million, though it remained below the €65 million posted in the second quarter of 2025; including a €27 million exceptional gain, segment EBITDA reached €86 million and operating profit jumped to €62 million from €11 million in the prior quarter. Group-wide, sales rose to €1.69 billion and net profit reached €116 million versus €3 million in the first quarter and €19 million a year earlier, on total shipments of 606,000 metric tons. Chief executive Sud Sivaji called it the strongest quarter in four years, though he guided for a third-quarter adjusted EBITDA decline due to the typical summer slowdown and warned of energy-related inflation despite supportive EU safeguard measures.
Follow-up signals
Key near-term milestones include Aperam's third-quarter earnings release, which will show how the expected summer slowdown and EU safeguard dynamics play out, and further updates from Algoma on plate ramp-up progress and any new defence contract awards through Roshel Algoma Defence. The next monthly AISI trade release will provide the first July 2026 US import reading.
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