# Algoma Steel Stock Could Jump 73% with Steel Aid

> Algoma Steel shares may rise 73% after $5bn Canadian steel aid package.
- Title: Algoma Steel Stock Could Jump 73% with Steel Aid | Shortify
- Summary: Algoma Steel shares may rise 73% after $5bn Canadian steel aid package. Algoma Steel Group shares could jump 73% with $5bn government support for steel…
- Keywords: algoma steel, tsx, steel aid, canada, mark carney, doug ford, tsx stock, steel tariffs, united states, federal government, ontario premier, prime minister
- Source: Financialpost — https://financialpost.com/investing/tsx-stock-boost-carney-ford-steel-aid
- Read time: 1 min
- Topics: algoma steel, tsx, steel aid, canada, mark carney, doug ford, tsx stock, steel tariffs, united states, federal government, ontario premier, prime minister
## Steel Aid Package Announced
Prime Minister Mark Carney and Ontario Premier Doug Ford announced $5 billion in support for Canada's steel industry.

> Canada is a significant importer of beam products
## Algoma Steel Shares Rise
Algoma Steel Group shares rose 15 per cent on the S&P/TSX composite index after the announcement.
## Analyst Prediction
Stifel analyst Ian Gillies said Algoma could be a key beneficiary of the fund to build a beam mill.
## Debt and Price Target
Algoma carries $920 million in debt and has a price target of $11.50 per share according to Gillies.
## Market Reaction
Shares closed Friday at $6.63 with a 12-month price target of $7.63 based on four analysts.
## Rosenberg's Sector Picks
David Rosenberg identified aerospace and defence as a top sector winner with exports to other countries up 30 per cent year over year.
## Export Growth Strategy
Canada aims to double exports to other countries by 2036 with aerospace and defence leading the way.
## Key takeaway

Algoma Steel Group shares could jump 73% with $5bn government support for steel industry amid US tariffs.