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Algoma Steel Announces Over 1,000 Layoffs Amid Tariffs and Transition

  Reeling from high tariffs imposed by U.S. President Donald Trump, Algoma Steel confirmed Monday it has issued layoff notices to about 1,000 workers.  Algoma Steel, a major employer in Sault Ste. Marie, Ontario, has confirmed plans to lay off more than 1,000 workers in the coming months. The company issued 1,050 layoff notices as part of its decision to shut down its blast furnace and coke oven operations, accelerating its transition to electric arc furnace (EAF) technology. The layoffs, expected to take effect by March 23, 2026 , come as Algoma faces mounting financial pressures. The company reported nearly half a billion dollars in losses last quarter and cited “unprecedented tariffs” imposed by the United States as a key factor in reshaping its competitive landscape. Union leaders from United Steelworkers Locals 2724 and 2251 confirmed the layoffs, noting that while the workforce had anticipated job reductions tied to the EAF transition, the U.S. tariffs accelerated ...
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How to Achieve Financial Wellness in 2024: Six Simple Steps

 

Financial wellness is more than just having enough money to pay the bills. It’s also about feeling confident, secure, and satisfied with your financial situation. Achieving financial wellness can improve your physical, mental, and emotional health, as well as your relationships and quality of life.

If you want to start 2024 on the right foot, here are six simple steps you can take to boost your financial wellness:

  • Set SMART goals: SMART stands for Specific, Measurable, Achievable, Relevant, and Time-bound. Having SMART goals can help you stay focused, motivated, and accountable. For example, instead of saying “I want to save more money”, say “I want to save $10,000 by December 2024 for a down payment on a house”.
  • Track your spending: Knowing where your money goes is essential for managing your finances effectively. You can use apps, spreadsheets, or journals to record your income and expenses. This will help you identify your spending patterns, habits, and areas for improvement.
  • Make a budget: A budget is a plan for how you will spend and save your money. It can help you align your spending with your goals and priorities. A budget can also help you avoid overspending, debt, and financial stress. You can use the 50/30/20 rule as a guideline: spend 50% of your income on needs, 30% on wants, and 20% on savings and debt repayment.
  • Build an emergency fund: An emergency fund is a savings account that you can use for unexpected expenses, such as medical bills, car repairs, or job loss. Having an emergency fund can help you avoid using credit cards or loans, which can worsen your financial situation. Aim to save at least three to six months’ worth of living expenses in your emergency fund.
  • Pay off high-interest debt: High-interest debt, such as credit cards, can eat up a large portion of your income and prevent you from saving and investing. Paying off high-interest debt can help you save money on interest, improve your credit score, and free up cash flow. You can use strategies such as the debt snowball or the debt avalanche to pay off your debt faster and more efficiently.
  • Invest for the future: Investing is a way of making your money work for you. It can help you grow your wealth, achieve your long-term goals, and secure your retirement. You can invest in various assets, such as stocks, bonds, mutual funds, or real estate. Before you invest, make sure you understand your risk tolerance, time horizon, and objectives. You can also consult a financial advisor or planner for guidance and advice.

By following these six steps, you can improve your financial wellness and enjoy a happier and healthier 2024. Remember, financial wellness is not a destination, but a journey. It requires consistent effort, discipline, and adaptation. Start today and reap the rewards tomorrow.

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