Algoma Steel CEO walks away with $6.8 million in wake of 1,000 layoffs and billion-dollar loss (opens original article in a new tab)

Algoma Steel CEO Michael Garcia received $6.8 million in compensation in 2025 despite 1,000 layoffs and a $985-million loss, drawing criticism from the United Steelworkers union.

• Algoma Steel CEO Michael Garcia received $6.8 million in compensation in 2025 despite 1,000 layoffs and a $985-million loss.
• Garcia's compensation increased 22.2% from 2024 and 130% from 2023, with a base salary of $1.07 million and $5.75 million in other compensation.
• The United Steelworkers union criticized the compensation package as unacceptable during a period of mass layoffs and poor financial performance.