The United Steelworkers union has disclosed that departing Algoma Steel CEO Michael Garcia received $6.82 million in total compensation for 2025, a 22.2% increase from the prior year, despite the company cutting more than 1,000 jobs and posting a $985-million loss. Garcia’s package included a $1.07 million base salary and $5.75 million in other compensation, marking a 130% rise over two years. The union criticized the board-approved payout as egregious given the mass layoffs and poor financial results, noting that Algoma had accepted nearly $1 billion in public funding before the job cuts. Algoma’s board stated that the agreed terms were materially lower than what Garcia would have been entitled to under his employment agreement.
Algoma Steel Group IncCEO received large compensation despite massive loss and layoffs, highlighting poor governance and financial performance.