Tree Island Steel Reports Q1 2026 Financial Results Amid Revenue Decline

Tree Island Steel (TSX: TSL) announced its financial results for the first quarter ended March 31, 2026, reporting revenues of $40.6 million, a decrease from $50.2 million in the same period of 2025. The year-over-year decline was primarily attributed to lower sales volumes in the United States, driven by expanded U.S. tariffs on wire products and the company's strategic exit from unprofitable product lines in 2025. These negative factors were partially offset by steady growth in Canadian sales, supported by favorable antidumping determinations and government steel diversion measures. Despite an increase in average selling prices, gross profit fell to $2.5 million from $3.9 million, leading to a drop in Adjusted EBITDA to $1.0 million from $2.0 million. The company reported a net loss of $1.17 million compared to a negligible loss in the prior year. Nancy Davies, Chief Operating Officer, stated that the company is adjusting production and workforce levels in response to changing demand while pursuing new market opportunities. Tree Island Steel continues to focus on its domestic Canadian market amidst challenging cross-border trade conditions.