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Achieved new production record of 14,000 boe/d for Peace River asset
Completed drilling all wells in our first Peace River Clearwater waterflood pilot on the Dawson 4-24 Pad
Calgary, Alberta–(Newsfile Corp. – June 3, 2025) – OBSIDIAN ENERGY LTD. (TSX: OBE) (NYSE American: OBE) (“ObsidianEnergy“, the “Company“, “we“, “us” or “our“) is pleased to provide an operational update on our first half 2025 capital program. Having completed our exploration/appraisal program in the first quarter of 2025 to further delineate our Peace River asset, second quarter activities focused on bringing the remaining wells on production. All 30 (28.4 net) wells in our first half program1 were rig released by the end of May, and all development wells are now on production.
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“We are pleased with our first half 2025 development program, which was concentrated on our Peace River Bluesky and Clearwater assets,” said Stephen Loukas, Obsidian Energy’s President and CEO. “We’ve achieved solid production results from this program as we stepped back into our established development areas at Harmon Valley South (“HVS“) and Dawson in Peace River. In our Walrus area, we achieved the strongest initial production rates to date in the field, further validating its potential. Our Dawson Clearwater program continued to outperform our expectations on primary production and all five waterflood pilot wells are online, including two single leg wells that will become injectors after production tests. The successful execution of this pilot project is expected to provide the opportunity for broader implementation of enhanced oil recovery techniques on our Peace River assets to further increase reservoir recovery and reduce decline rates.”
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Mr. Loukas continued, “We continue to monitor the macro-economic environment as it remains unsettled, causing uncertainty in the industry. We will adjust our capital allocation decisions accordingly as we finalize our second half 2025 plans, which are expected to be announced in late June/early July.”
HEAVY OIL ASSET HIGHLIGHTS
Our second quarter 2025 activities focused on development drilling in the established, all season access fields of HVS (Bluesky formation) and Dawson (Clearwater formation). Included in our drilling program were four farm-in wells where we earned additional land holdings at HVS and Seal.
Development Program
We rig released and brought on production the remaining operated development wells in Peace River through April and into May, leading to a new production high of 14,000 boe/d for this area.
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Dawson 4-23 Pad(Clearwater) – Simultaneous facilities construction and drilling operations supported faster-paced development as we follow the established productive trends through this field. All four wells are now on production with the remaining two wells in the first half program producing at a 30-day initial production (“IP“) rate of 393 boe/d and 105 boe/d, respectively.
Our Dawson field continues to produce at higher rates than forecasted. Since the field was established in 2023, Clearwater production has grown significantly from 189 boe/d in the fourth quarter 2023 to over 3,000 boe/d in May 2025 (field estimate), driven purely by organic drilling success. We expect to continue the development of the field as we follow up on our strong results over the past 18 months.
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HVS Field (Bluesky) – All five development wells in the 2025 program are now online, providing strong production additions and further reservoir information to continue to refine our drilling operations. In addition, two of the five (5.0 net) wells further tested our “waffle well” drilling design, showing successful results in increasing initial production performance on existing Pads.
HVS 13-08 Pad – Two (2.0 net) wells from the first half program came onstream and delivered 30-day IP rates of 440 boe/d (99 percent oil) and 350 boe/d (99 percent oil), respectively.
HVS 13-18 Pad – Both wells are on production and produced at 30-day IP rates of 251 boe/d (98 percent oil) and 185 boe/d (99 percent oil), respectively.
HVS 14-07 Pad – The one (1.0 net) well came on production in May and has produced at a 22-day IP rate of 568 boe/d (100 percent oil). We have identified two follow up locations from this pad, which are currently scheduled for our near-term drilling plans.
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Walrus 7-21 Pad – Two (1.8 net) offset wells were drilled on the existing 7-21 Pad in the main part of the field and placed on production in mid-April. The wells provided results above expectations, producing the highest Bluesky initial rates achieved in our Walrus field to date.
The 100 percent working interest well achieved an average 30-day IP rate of 170 boe/d (100 percent oil). The second joint interest well (0.8 net) produced at an average 30-day IP rate of 361 gross boe/d (100 percent oil). Through this joint venture, Obsidian Energy gained 10.1 net sections of land with additional follow-up locations.
Land Farm-In Earning Wells – Four (2.6 net) wells were drilled in HVS and East Seal as part of earning or joint venture land agreements to further delineate new areas of Peace River.
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East Seal 4-14 Pad -The second (0.7 net) well was brought back onstream post-breakup in mid-May and is in the process of cleaning up.
HVS 16-09 Pad – In the southern part of our HVS field, the two (1.3 net) wells encountered good reservoir but high-viscosity oil. Both wells are on production and produced at a 30-day gross IP rate of 122 boe/d and 52 boe/d, respectively.
Waterflood Pilot Project
The Company continued to advance development of the Dawson field with a Clearwater waterflood pilot project in the centre of the field, expanding activities beyond primary recovery to test the potential for increased reservoir oil recovery.
Dawson 4-24 Pad – All five (5 net) wells were drilled and placed on production, including the two (2.0 net) single leg injector wells.
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The first two (2.0 net) producer wells onstream had a 30-day IP rates of 329 boe/d and 342 boe/d (100 percent oil), respectively.
The remaining three (3.0 net) wells are currently onstream with strong initial results. We plan to temporarily produce the injector wells prior to water injection to evaluate reservoir characteristics.
The successful execution of this project opens the potential for additional future value through increased reservoir recovery across our Peace River asset.
LIGHT OIL ASSETS
Obsidian Energy also participated in five (2.2 net) non-operated wells in the first half of the year at the Pembina Cardium Unit #11 (~45 percent working interest). On the 08-12 Pad, four (1.8 net) wells are on production with an average 30-day IP rate of 223 (100 net) boe/d per well. Upon start-up, the wells were rate restricted due to gas takeaway capacity; peak production rates per well ranged between 335 to 360 boe/d per well during the first 30-days. The fifth well was placed on production in late May.
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HEDGING UPDATE
In the second quarter of 2025, the Company added new oil and gas contracts to help mitigate the risk of potentially lower commodity prices. Currently, we have the following contracts outstanding on a weighted average basis:
Oil Contracts
Type
Remaining Term
Volume (bbl/d)
Swap Price (C$/bbl)
WTI Swap
May 2025
6,476
$
89.83
WTI Swap
June 2025
12,217
$
85.63
WTI Swap
July 2025
4,500
$
84.81
WTI Collar
May 2025
3,500
$
97.29 – $101.79
WCS Differential
May 2025 – June 2025
8,500
($19.39
)
WCS Differential
July 2025 – September 2025
7,750
($18.83
)
WCS Differential
October 2025 – December 2025
6,000
($19.30
)
MSW Differential
May 2025 – June 2025
1,500
($7.90
)
MSW Differential
July 2025 – September 2025
500
($6.59
)
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AECO Natural Gas Contracts
Type
Remaining Term
Volume (mcf/d)
Swap Price (C$/mcf)
AECO Swap
May 2025
19,905
$
2.26
AECO Swap
June – October 2025
25,118
$
2.24
AECO Swap
November 2025 – March 2026
8,768
$
3.48
AECO Collar
May – October 2025
1,896
$
2.11 – $2.64
RBC GLOBAL ENERGY, POWER AND INFRASTRUCTURE CONFERENCE
Obsidian Energy will be participating in the RBC Global Energy, Power and Infrastructure Conference (the “Conference“) from June 3rd to 4th, 2025 in New York, NY. Stephen Loukas, President and CEO will be presenting on the Company in a break-out session on June 4, 2025, at 2:30 p.m. ET/ 12:30 p.m. MT.
ADDITIONAL READER ADVISORIES
OIL AND GAS INFORMATION ADVISORY
Barrels of oil equivalent (“boe“) may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet of natural gas to one barrel of crude oil is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency conversion ratio of 6:1, utilizing a conversion on a 6:1 basis is misleading as an indication of value.
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TEST RESULTS AND INITIAL PRODUCTION RATES
Test results and initial production rates disclosed herein, particularly those short in duration, may not necessarily be indicative of long-term performance or of ultimate recovery. Readers are cautioned that short-term rates should not be relied upon as indicators of future performance of these wells and therefore should not be relied upon for investment or other purposes. A pressure transient analysis or well-test interpretation has not been carried out and thus certain of the test results provided herein should be considered preliminary until such analysis or interpretation has been completed.
ABBREVIATIONS
Oil
Natural Gas
bbl
barrel or barrels
AECO
Alberta benchmark price for natural gas
bbl/d
barrels per day
mcf
thousand cubic feet
boe
barrel of oil equivalent
mcf/d
thousand cubic feet per day
boe/d
barrels of oil equivalent per day
mmcf/d
million cubic feet per day
MSW
Mixed Sweet Blend
WTI
West Texas Intermediate
WCS
Western Canadian Select
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FORWARD-LOOKING STATEMENTS
Certain statements contained in this document constitute forward-looking statements or information (collectively “forward-looking statements“) within the meaning of the “safe harbour” provisions of applicable securities legislation. Forward-looking statements are typically identified by words such as “anticipate”, “continue”, “estimate”, “expect”, “forecast”, “budget”, “may”, “will”, “project”, “could”, “plan”, “intend”, “should”, “believe”, “outlook”, “objective”, “aim”, “potential”, “target” and similar words suggesting future events or future performance. In addition, statements relating to “reserves” or “resources” are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions, that the reserves and resources described exist in the quantities predicted or estimated and can be profitably produced in the future. In particular, this document contains forward-looking statements pertaining to, without limitation, the following: our expectation for certain wells to be made injectors in the future; our expectations for enhanced oil recovery techniques in Peace River; our plan for our second half 2025 capital program; our development plans at various locations; our plan to evaluate production techniques in order to produce certain heavier viscosity oil; our expectations in connection with the waterflood pilot project; our hedges; and our participation in the Conference.
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With respect to forward-looking statements contained in this document, the Company has made assumptions regarding, among other things: the duration and impact of tariffs that are currently in effect on goods exported from or imported into Canada, and that other than the tariffs that are currently in effect, neither the U.S. nor Canada (i) increases the rate or scope of such tariffs, reenacts tariffs that are currently suspended, or imposes new tariffs, on the import of goods from one country to the other, including on oil and natural gas, and/or (ii) imposes any other form of tax, restriction or prohibition on the import or export of products from one country to the other, including on oil and natural gas; that the Company does not dispose of or acquire material producing properties or royalties or other interests therein (except as disclosed herein); that regional and/or global health related events will not have any adverse impact on energy demand and commodity prices in the future; global energy policies going forward, including the continued ability and willingness of members of OPEC and other nations to agree on and adhere to production quotas from time to time; our ability to qualify for (or continue to qualify for) new or existing government programs, and obtain financial assistance therefrom, and the impact of those programs on our financial condition; our ability to execute our plans as described herein and in our other disclosure documents, and the impact that the successful execution of such plans will have on our Company and our stakeholders, including our ability to return capital to shareholders and/or further reduce debt levels; future capital expenditure and decommissioning expenditure levels; expectations and assumptions concerning applicable laws and regulations, including with respect to environmental, safety and tax matters; future operating costs and G&A costs and the impact of inflation thereon; future oil, natural gas liquids and natural gas prices and differentials between light, medium and heavy oil prices and Canadian, WTI and world oil and natural gas prices; future hedging activities; future oil, natural gas liquids and natural gas production levels; future exchange rates, interest rates and inflation rates; future debt levels; our ability to execute our capital programs as planned without significant adverse impacts from various factors beyond our control, including extreme weather events such as wild fires, flooding and drought, infrastructure access (including the potential for blockades or other activism) and delays in obtaining regulatory approvals and third party consents; the ability of the Company’s contractual counterparties to perform their contractual obligations; our ability to obtain equipment in a timely manner to carry out development activities and the costs thereof; our ability to market our oil and natural gas successfully to current and new customers; our ability to obtain financing on acceptable terms, including our ability (if necessary) to extend the revolving period and term out period of our credit facility, our ability to maintain the existing borrowing base under our credit facility, our ability (if necessary) to replace our syndicated bank facility and our ability (if necessary) to finance the repayment of our senior unsecured notes on maturity or pursuant to the terms of the underlying agreement; the accuracy of our estimated reserve volumes; and our ability to add production and reserves through our development and exploitation activities.
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Although the Company believes that the expectations reflected in the forward-looking statements contained in this document, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the forward-looking statements contained herein will not be correct, which may cause our actual performance and financial results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things: the risk that (i) the tariffs that are currently in effect on goods exported from or imported into Canada continue in effect for an extended period of time, the tariffs that have been threatened are implemented, that tariffs that are currently suspended are reactivated, the rate or scope of tariffs are increased, or new tariffs are imposed, including on oil and natural gas, (ii) the U.S. and/or Canada imposes any other form of tax, restriction or prohibition on the import or export of products from one country to the other, including on oil and natural gas, and (iii) the tariffs imposed or threatened to be imposed by the U.S. on other countries and retaliatory tariffs imposed or threatened to be imposed by other countries on the U.S., will trigger a broader global trade war which could have a material adverse effect on the Canadian, U.S. and global economies, and by extension the Canadian oil and natural gas industry and the Company, including by decreasing demand for (and the price of) oil and natural gas, disrupting supply chains, increasing costs, causing volatility in global financial markets, and limiting access to financing; the possibility that we change our budgets (including our capital expenditure budgets) in response to internal and external factors, including those described herein; the possibility that the Company will not be able to continue to successfully execute our business plans and strategies in part or in full, and the possibility that some or all of the benefits that the Company anticipates will accrue to our Company and our stakeholders as a result of the successful execution of such plans and strategies do not materialize (such as our inability to return capital to shareholders and/or reduce debt levels to the extent anticipated or at all); the possibility that the Company ceases to qualify for, or does not qualify for, one or more existing or new government assistance programs, that the impact of such programs falls below our expectations, that the benefits under one or more of such programs is decreased, or that one or more of such programs is discontinued; the impact on energy demand and commodity prices of regional and/or global health related events and the responses of governments and the public thereto, including the risk that the amount of energy demand destruction and/or the length of the decreased demand exceeds our expectations; the risk that there is another significant decrease in the valuation of oil and natural gas companies and their securities and in confidence in the oil and natural gas industry generally, whether caused by regional and/or global health related events, the worldwide transition towards less reliance on fossil fuels and/or other factors; the risk that the financial capacity of the Company’s contractual counterparties is adversely affected and potentially their ability to perform their contractual obligations; the possibility that the revolving period and/or term out period of our credit facility and the maturity date of our senior unsecured notes is not extended (if necessary), that the borrowing base under our credit facility is reduced, that the Company is unable to renew or refinance our credit facilities on acceptable terms or at all and/or finance the repayment of our senior unsecured notes when they mature on acceptable terms or at all and/or obtain new debt and/or equity financing to replace our credit facilities and/or senior unsecured notes or to fund other activities; the possibility that we are unable to complete one or more repurchase offers pursuant to our senior unsecured notes when otherwise required to do so; the possibility that we are forced to shut-in production, whether due to commodity prices decreasing, extreme weather events such as wild fires, inability to access our properties due to blockades or other activism, or other factors; the risk that OPEC and other nations fail to agree on and/or adhere to production quotas from time to time that are sufficient to balance supply and demand fundamentals for oil; general economic and political conditions in Canada, the U.S. and globally, and in particular, the effect that those conditions have on commodity prices and our access to capital; industry conditions, including fluctuations in the price of oil, natural gas liquids and natural gas, price differentials for oil and natural gas produced in Canada as compared to other markets, and transportation restrictions, including pipeline and railway capacity constraints; fluctuations in foreign exchange, including the impact of the Canadian/U.S. dollar exchange rate on our revenues and expenses; fluctuations in interest rates, including the effects of interest rates on our borrowing costs and on economic activity, and including the risk that elevated interest rates cause or contribute to the onset of a recession; the risk that our costs increase due to inflation, supply chain disruptions, scarcity of labour and/or other factors, adversely affecting our profitability; unanticipated operating events or environmental events that can reduce production or cause production to be shut-in or delayed (including extreme cold during winter months, wild fires, flooding and droughts (which could limit our access to the water we require for our operations)); the risk that wars and other armed conflicts adversely affect world economies and the demand for oil and natural gas, including the ongoing war between Russian and Ukraine and/or hostilities in the Middle East; the possibility that fuel conservation measures, alternative fuel requirements, increasing consumer demand for alternatives to hydrocarbons, government mandates requiring the sale of electric vehicles and/or electrification of the power grid, and technological advances in fuel economy and renewable energy generation systems could permanently reduce the demand for oil and natural gas and/or permanently impair the Company’s ability to obtain financing and/or insurance on acceptable terms or at all, and the possibility that some or all of these risks are heightened as a result of the response of governments, financial institutions and consumers to a regional and/or global health related event and/or the influence of public opinion and/or special interest groups.
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Additional information on these and other factors that could affect Obsidian Energy, or its operations or financial results, are included in the Company’s Annual Information Form (see ‘Risk Factors’ and ‘Forward-Looking Statements’ therein) which may be accessed through the SEDAR+ website (www.sedarplus.ca), EDGAR website (www.sec.gov) or Obsidian Energy’s website. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
Unless otherwise specified, the forward-looking statements contained in this document speak only as of the date of this document. Except as expressly required by applicable securities laws, we do not undertake any obligation to publicly update or revise any forward-looking statements. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.
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Obsidian Energy shares are listed on both the Toronto Stock Exchange in Canada and the NYSE American in the United States under the symbol “OBE”. All figures are in Canadian dollars unless otherwise stated.
CONTACT
OBSIDIAN ENERGY
Suite 200, 207 – 9th Avenue SW, Calgary, Alberta T2P 1K3 Phone: 403-777-2500 Toll Free: 1-866-693-2707 Website: www.obsidianenergy.com;
1Number of wells rig released in the first half of 2025 excludes the two (2.0 net) Peace River single leg injector wells, which are currently in production tests.
Matador Technologies Inc. announced on Tuesday that it has begun trading on the Frankfurt Stock Exchange under the ticker “IU3,” adding a key European listing to its existing U.S. and Canadian markets.
The listing supports Matador’s goal of offering near round-the-clock trading access to its shares globally, a structure modeled after the 24/7 availability of Bitcoin (BTC).
With the addition of Europe, investors in three major regions can now trade Matador stock in their local time zones.
“This listing completes a key part of our global capital markets strategy,” said CEO Deven Soni. “It enables European investors to participate more easily in our growth story.”
Bitcoin-backed treasury
Matador, which brands itself as a Bitcoin Ecosystem Company, focuses on building a Bitcoin-backed treasury and fintech platform.
It joins a growing cohort of public companies aligned with Bitcoin, such as Japan’s Metaplanet and U.S.-based MicroStrategy, which have integrated Bitcoin into their financial strategies.
The company’s approach aims to leverage Bitcoin’s qualities as a reserve asset, and the expanded listings may help Matador attract a broader investor base while enhancing liquidity.
Interest from corporations in digital assets is increasing, with more and more public companies allocating Bitcoin to their balance sheets, according to a recent report from Binance.
Last week, Trump Media and Technology Group closed a $2.44 billion private placement with approximately 50 institutional investors, aiming to establish one of the largest Bitcoin treasuries among publicly traded U.S. companies.
Shares of Matador will continue to trade on the TSX Venture Exchange under “MATA,” the OTCQB under “MATAF,” and now the Frankfurt Stock Exchange under “IU3.”
Exxon Mobil, Hess, and CNOOC, a trio of oil producers in Guyana, posted a 64% increase in profit in 2024 to $10.4 billion. This was due to the fact that facility upgrades allowed for sustained production growth.
Guyana, a South American nation, has been a profitable operation due to its rapid production expansion, low taxes and royalties, and the relatively low amount of government revenue.
Guyana, along with its neighbors who share the same oil basin, is expected to be one of the last frontiers in the world for oil exploration.
Exxon reported in January that it expects to earn $33,46 billion by 2024. Of this, $4.7 billion will come from Guyana.
Hess profit in Guyana grew from $1.9 billion to $3.1 billion, and CNOOC profit increased from $1.5 billion to $2.5 billion.
Government figures show that the consortium’s oil production rose by 3% on an annual basis to 631,00 barrels of crude per day during the first quarter. The output is expected to exceed 900,000 barrels per day once the companies finish installing a fourth vessel which arrived in the country’s waters in Feb.
The Guyana government recently revoked a license granted to a possible rival consortium headed by Frontera Energy, whose shares are listed on the Toronto Stock Exchange.
Exxon is planning to increase its natural gas supply in Guyana as the pressure on Guyana increases.
strategy
Earlier this year, executives from the company said that they needed to plan and develop supply and development of reserves.
Exxon announced that the consortium achieved a gross production volume of 652,000 barrels per day in the fourth quarter following updates to some of its floating installations. Exxon reported that the production capacity will reach 1.7 millions bpd in 2030.
Exxon said that the group’s expenses for Guyana increased by 42%, to $4.9 billion. This would result in a profit of $12.8 billion before taxes.
Coordination, it turns out, wasn’t limited to law firms. Barrett describes an extraordinary meeting involving over 40 participants – lawyers, stock exchange officials, and clearinghouses from both sides of the border – to figure out how the new South Bow shares could trade effectively. “We needed to create different markets so people could trade an entitlement to receive shares before the spinout occurred,” he says. “This doesn’t occur very often… particularly not when you have both TSX and NYSE-listed entities.”
What distinguished South Bow from TC Energy – and in many ways justified the separation – was the divergent nature of the businesses. “South Bow… it’s a very utility-like, very steady, very dependable business,” he says. “On the other hand… TC’s power and renewables are a much more high growth business.” The separation, according to Barrett, enabled investors to choose between steady returns or growth-oriented exposure, and allowed each business to pursue capital strategies aligned with their distinct risk profiles.
From a legal execution standpoint, Barrett believes the success of the deal hinged on proactive planning. “We had a Gantt chart that was about six pages long with 40 key transaction items,” he says. “We were trying to look two steps ahead and see what potential challenges could occur… and address them now, as opposed to respond to them later.”
Barrett also credits the sophistication of TC Energy’s in-house legal department. “The depth and strength of TC really sets them apart from the vast majority of Canadian companies,” he says. “We were able to… work on this transaction as partners, which is super rewarding.”
For Barrett, it’s more than just a career highlight – it’s a career-defining experience. “I was recently talking with one of the most senior practitioners in our group,” he shares. “He said… appreciate the moment, appreciate the significance of this deal.” Barrett is doing just that. “This is one of the transactions that when I look back 10, 20, 30 years… [will be] one of those transactions that I am most proud of.”
An Algoma Steel worker in Sault Ste. Marie. The company’s CEO says Donald Trump’s tariffs on steel are threatening U.S. business viability.Sean Kilpatrick/The Canadian Press
Algoma Steel Group Inc. ASTL-T chief executive Michael Garcia says 50-per-cent tariffs on Canadian steel imports could make the company’s U.S. business unviable.
U.S. President Donald Trump on Friday said he intends to double tariffs on steel and aluminum to 50 per cent from 25 per cent, effective on Wednesday.
His original tariffs, which were put in place in March, were framed around the need to protect the country’s national security. Mr. Trump says the higher tariffs are now necessary to eliminate any threat of foreign steel making its way into the U.S. market. They apply to all its imports of the metals, not just those from Canada.
The existing U.S. tariff has already caused considerable damage to Algoma. The percentage of its revenue coming from the U.S. has fallen to 50 per cent from as high as 65 per cent. A doubling of the tariff may ground its U.S. business to a halt entirely, Mr. Garcia said in an interview on Monday.
“Unless the price of steel rises to the 2020-2021 levels, paying a 50-per-cent tariff would be commercially unviable,” he said.
The price of U.S. Midwest domestic hot-rolled coil steel futures traded around US$900 a tonne on Monday. Mr. Garcia says a doubling of the steel price will be necessary to keep it in business in the U.S., if Mr. Trump forges ahead with his 50-per-cent tariff.The steel price hit almost US$2,000 a tonne in September, 2021.
“Our focus and our job is to get through the current environment for as long as we need to, and preserve liquidity,” Mr. Garcia added.
Algoma, based in Sault Ste. Marie, Ont., is Canada’s only independent steelmaker. In the Northern Ontario border city, Algoma employs around 2,750 people. Among the liquidity-saving measures the company has already rolled out are job cuts.
Bill Slater, president of United Steelworkers Local 2724, said the company recently informed the union that 35 job cuts are coming. Nineteen of those will be longer-term layoffs (greater than eight weeks), and they will take effect on July 21. The rest will be a mix of retirements and short-term contract workers whose contracts are ending early.
Mr. Slater said that while the 25-per-cent tariffs are clearly making Algoma less competitive in the U.S., market dynamics at homeare even tougher. That’s because foreign steelmakers are making deep inroads into Canada sincethey are being increasingly shut out of theU.S.
“All these other countries are dumping steel into Canada and that has reduced prices in Canada too much,” Mr. Slater said.
“We’re even losing more money in Canada than we are in the States.”
U.S. steel and aluminum prices spiked on Monday while shares of foreign steelmakers slumped after U.S. President Donald Trump said he would double tariffs on imports of the two metals to 50 per cent.
Reuters
Investigations into allegations of dumping in the steel industry are carried out by Canada Border Services Agency. If dumping has occurred, the Canadian International Trade Tribunal determines whether it has caused material injury to the industry, or threatens to do so. CBSA can then ultimately impose anti-dumping duties against offenders.
Canada has already taken action against China owing to its long record of dumping steel into the domestic market.
Ottawa late last year imposed 25-per-cent tariffs against China, after a similar crackdown made by then-U.S. president Joe Biden. But Algoma’s CEO has been clear that dumping into Canada goes far beyond Chinese steel mills. Earlier this year, he told The Globe and Mail that producers from South Korea, Malaysia, India, Vietnam, the Middle East and Turkey are also selling into the Canadian market at cutthroat levels.
Despite the massive uncertainty caused by the tariff dislocation in both the U.S. and Canadian steel markets, Mr. Garcia is hopeful that talks between Canada and the U.S. will lead to a breakthrough in trade and an eventual resetting of the relationship.
He even expressed optimism the steel producer over the longer term can emerge in a stronger position because of the increased focus on buying Canadian, the push to diversify Canada’s trade beyond the U.S. and the rollout of its new electric arc furnace technology, which should drive its costs down.
Federal Industry Minister Mélanie Joly said on Sunday that the government is committed to using Canadian steel and aluminum in major infrastructure projects, particularly in the defence sector.
“Whether it’s infrastructure or energy projects or defence projects, I think the market potential for the domestic steel industry is actually pretty bright for Canada,” Mr. Garcia said. “Algoma has the wherewithal to make it through.”
Shares in Algoma fell by 6.9 per cent on Monday on the Toronto Stock Exchange to close at $6.76 apiece.
In a city celebrated for its cultural diversity, Toronto’s most compelling art experiences are increasingly unfolding far beyond traditional museums and galleries. They pulse through the rush of commuters at Union Station, resonate in the bustling corridors of suburban shopping malls, and transform sterile office plazas into destinations. This shift isn’t accidental – it’s driven by a pioneering coalition of private sector giants and grassroots arts organizers who are proving that commerce and culture, far from being at odds, can create vibrant, accessible, and deeply meaningful artistic encounters for millions.
Fueled by a potent blend of civic vision, community accountability, and savvy business strategy, companies like Osmington Inc. (managing Toronto’s iconic Union Station) and Oxford Properties (one of Canada’s largest real estate developers) are partnering with innovative curators like MakeRoom Inc., and community organization The Remix Project, to democratize art access and amplify underrepresented voices. The result? A blueprint for how corporations can authentically integrate art into the daily fabric of urban life.
In partnership with Union Station, MakeRoom Inc. curated “A Transit Through Time” for the West Wing … More of Union.
Rocco Zoccoli
Union Station: From Transit Hub to Cultural Canvas
When Osmington Inc. won the fiercely competitive bid to manage Union Station’s retail and programming over a decade ago, Vice President Syma Shah described a profound sense of duty. “Osmington felt it was their civic duty to make Union Station a destination,” she explains. “We wanted it world-class and accessible for all.” The initial vision involved partnerships with giants like The Toronto International Film Festival (TIFF) and the Toronto Symphony Orchestra (TSO).
But Shah, drawing on her experience producing major festivals like North America’s largest South Asian festival, Masala! Mehndi! Masti!, knew authentic connection required deeper roots. The challenge? Union is first and foremost a regulated, heritage-designated transportation hub handling 300,000 people daily. “It’s a very different beast,” Shah notes. “You can’t just hang art everywhere.”
Her team literally walked the station “like a palette,” identifying spots where art could be safe, respected, seen, and wouldn’t compromise heritage elements – a process demanding close collaboration with the City of Toronto, the building’s owner. Osmington quickly recognized authentic representation required trusted partnerships. “I’m a woman of color of South Asian origin, but I can’t program something like Black art authentically myself. That should come from within that community,” Shah emphasizes.
A Transit Through Time opening at Union (l to r): Rico Poku, Segun Caezar, Heritier Bilaka, Destinie … More Adélakun, Camille Kiffin, Pixel Heller, Trevor Twells, Jordan Sook, Wan Lucas
Rocco Zoccoli
This led to transformative collaborations with organizations like MakeRoom Inc., the Nia Centre, and the Gord Downie & Chanie Wenjack Fund, the latter of which ensured Indigenous artists worked with Indigenous curators on exhibitions like 2023’s “We Are Still Here.” The approach involves setting clear parameters for artists: respecting the space’s functional realities and heritage status—no foul language or nudity—while encouraging stories tied to the themes of transit, connection, and community. Exhibits launch during heritage months but extend far beyond – Black History Month in February leads to exhibitions showcased nearly year-round, funded partly through sponsorships like TD Bank.
The impact is personal. Shah recounts the story of Black mature artist Gloria C. Swain, whose image was used in artist Anique Jordan’sMas’ at 94 Chestnut as part of the city’s 2021-2022 cohort of public art initiative ArtworxTO. Exhibited at Union Station, the photo was vandalized with a racist slave collar drawing. “Sorry isn’t enough,” Shah states. Osmington and MakeRoom responded by featuring Swain as the highlighted artist in the 2023 exhibition I Am Still Here. “It was meaningful to her, not only as a Black person, but as a senior artist, to say ‘I am still here,'” Shah says. “Every exhibition is like that. We ensure their story is told, and every year it’s elevated.”
BigArtTO projects art onto buildings in partnership with MakeRoom Inc.
MakeRoom Inc.
MakeRoom Inc.: The Radical Transparency Model
Trevor Twells, founder of MakeRoom Inc., is a key partner for Union and others. His organization exists to dismantle the nepotism and gatekeeping pervasive in the art world. “Our mission is platforming marginalized and underrepresented voices,” Twells states. “What makes us different is radical transparency and accountability.” MakeRoom Inc. operates on strict principles, including open calls with pre-determined themes but never pre-selected artists.
“All our public exhibits are open call,” Twells states unequivocally. “Artists know exactly how much they’re getting paid, and know exactly what criteria they’re selected from. We don’t care who you know or your prior experience so much as about the art submitted for the theme.”
Mature artist Gloria C. Swain speaking at the “I Am Here: Black Joy Is Resistance” Exhibit In Union. … More She’s flanked on either side by (l) Adetona Omokanye and MakeRoom Inc. founder Trevor Twells (r).
Spring Morris Photography
MakeRoom Inc. built its own digital platforms for submissions and partners with community artists and curators to jury the work, ensuring diverse perspectives select the art. According to Twells, Union has been an ideal partner precisely because they embraced this ethos. Through exhibitions sponsored by TD and co-curated in partnership with MakeRoom, Twells has been given carte blanche on projects. “They understood we needed full transparency, open calls, and their involvement was just helping with the jury process,” says Twells. This alignment allowed for powerful, year-round exhibitions. Theodore Walker Robinson’s large-scale Braille transcription of the Langston Hughes poem “Dreams” as part of 2024 exhibition Black Dreams and Aspirationscomes to mind,as does the currently running A Transit Through Time, celebrating the legacy and creativity of Black communities, alongside featured artist Jordan Sook’s butterfly-themed Nothing More, Nothing Less. “Union isn’t just Black-washing for February. The work is up two-thirds of the year,” Twells notes, countering superficial diversity efforts.
The human impact is Twells’ driving force. “Seeing a little Black girl looking up at artwork featuring someone like her… that felt transformational.” MakeRoom intentionally focuses on joy and possibility alongside historical narratives. “It’s well-received to focus on Black joy because people see themselves represented without the trauma porn aspect often presented through a white colonial lens.” He’s even been asked to give tours of MakeRoom exhibits at Union, more proof people are visiting the station specifically for the art.
Curated work courtesy The Remix Project at Scarborough Town Centre featuring artists Isa Rocha, … More Chawntay Barrett, Laneigh Ramirez, Lakia Sage, Amaiah Alexis, Rod Osei, MJ Shimaka, and Glo Romy.
Courtesy Oxford Properties
Oxford Properties: Malls as the Modern Town Square
While Union transforms a transit hub, Oxford Properties is reimagining the suburban shopping mall and Toronto’s office towers. Daniel O’Donnell, Senior VP of Corporate Affairs, articulates a clear philosophy: “We want our buildings, especially our shopping centers, to be like the town square — not just for commerce, but for socializing, connection, and experiencing culture. Art is integral to that.”
Their flagship initiative was with The Remix Project, a Toronto-based organization that provides mentorship and professional training to budding artists 16 to 24 years of age. This started at suburban malls including Scarborough Town Centre, Square One, Yorkdale, and offices in Toronto’s downtown financial district. “These malls are the downtown for their communities,” O’Donnell explains. “Scarborough Town Centre is where people hang out and meet friends. Putting art there feels authentic because it’s genuinely part of their community asset.”
Jaume Plensa’s “Dreaming” sculpture outside Oxford Properties Richmond-Adelaide Centre in Toronto’s … More Financial district.
Mark Neil Balson
Oxford leverages its colossal audience — 54 million visitors across its three suburban malls in 2023 and 2024 — to offer artists unprecedented visibility and career support. “It’s a win-win,” O’Donnell stresses. “It keeps the customer experience fresh, allows people to see themselves represented, and provides artists a huge platform. Who knows what connection or sale it might spark?” Beyond space, Oxford also provides direct financial support for equipment and materials that help young artists and creatives in their career pursuits.
The power of art to transform is evident in projects like Spanish artist Jaume Plensa’s “Dreaming” sculpture at Oxford’s Richmond Adelaide Centre. “Before, it was just a terrace in the financial core,” O’Donnell recalls. “Now, it attracts thousands daily.” He highlights the deliberate juxtaposition: Plensa’s modern sculpture alongside the historic, publicly accessible Group of Seven painter J.E.H. MacDonald’s mural nearby. “Art creates a sense of place and elevates us from the mundane while creating a sense of community and connection.”
Celebrating the beginning of National Indigenous History month by opening the Toronto Stock Exchange … More with drummers and hoop, grass and jingle dress dancers.
Brandon Abiog for Oxford Properties
The Toronto Blueprint: Shared Principles for Impact
Despite operating in different spaces—transit hubs, curated pop-ups, sprawling malls — Shah, Twells, and O’Donnell champion core principles driving this movement’s success. Authentic partnerships over tokenism, with corporations ceding significant curatorial control to trusted community organizations. A way of working authentically that isn’t about checking boxes, or having one-sided conversations. Toronto’s private sector, guided by passionate leaders and grassroots partners, is proving that supporting art is far more than corporate philanthropy. Enhanced brand value, deeper community connection, enriched customer experiences, and the profound satisfaction of empowering diverse voices are driving this movement.
Most importantly, it brings art directly to where people already are—in the rush of their commute, the routine of their shopping, the lunch break in a financial district. It democratizes access and proves that culture doesn’t just thrive behind the white walls of institutions, but also the vibrant, everyday tapestry of the city. When the private sector makes genuine, respectful space for art, where gallery walls vanish and the city becomes the canvas, everyone wins.
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