Algoma Steel downgraded to Market Perform from Outperform at BMO Capital

BMO Capital downgraded Algoma Steel (ASTL) to Market Perform from Outperform with a price target of C$8, down from C$12. The announcement that Section 232 steel tariffs will double to 50% results in further deterioration of the near-term outlook for Algoma given its material exposure to the U.S. market, the analyst tells investors in a research note.