Algoma reported C$13.8 million adjusted EBITDA in Q2 2026. Record plate sales reached 125,000 tons. Revenue fell to C$267.5 million from C$589.7 million a year earlier. The EAF Unit One operated full-time. Unit Two nears completion with first steel expected in Q3. Tariff costs dropped to C$18.7 million. The company holds C$437 million in liquidity. Carbon emissions are projected to fall 70% post-transition.