Tree Island Steel Reports Q1 2026 Financial Results Amid US Tariff Impact

Tree Island Steel announced its financial results for the first quarter ended March 31, 2026, reporting revenues of $40.6 million, a decline from $50.2 million in the same period last year. The decrease was primarily attributed to lower sales volumes in the United States due to expanded tariffs on wire products and the company's strategic exit from certain unprofitable lines. However, these challenges were partially mitigated by steady growth in the Canadian market, supported by favorable antidumping determinations and government steel diversion measures. Although average selling prices increased, gross profit fell to $2.5 million from $3.9 million, leading to an Adjusted EBITDA of $1.0 million, down from $2.0 million previously. The company recorded a net loss of $1.17 million. Nancy Davies, Chief Operating Officer, stated that the company is adjusting production and workforce levels in response to demand shifts while exploring new market opportunities. The report highlights the ongoing impact of trade policies on the steel industry and the company's pivot towards domestic Canadian strength.