---
title: "Stifel Canada \"Modestly Positive\" About Algoma Steel's JV With Roshel"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/282070162.md"
description: "Algoma Steel Group has formed a joint venture with Roshel, a leading manufacturer of armored vehicles, which is seen as a positive development by Stifel Canada. Analyst Ian Gillies maintains a buy rating with a price target of $11.50, viewing the partnership as a reinforcement of Algoma's role in Canada's defense sector. The joint venture aims to produce ballistic steel solutions domestically, benefiting various industries and potentially allowing exports to allied nations. The stock price rose by 4.08% to $6.38 following the announcement."
datetime: "2026-04-08T15:58:00.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/282070162.md)
  - [en](https://longbridge.com/en/news/282070162.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/282070162.md)
---

# Stifel Canada "Modestly Positive" About Algoma Steel's JV With Roshel

11:58 AM EDT, 04/08/2026 (MT Newswires) -- Algoma Steel Group ( ASTL ) on Tuesday said it formed a joint venture with armored vehicle company Roshel, which is headquartered in Brampton, Ontario. Roshel is one of the largest manufacturers of smart armored vehicles for commercial and government organizations in North America.

"We view the announcement as another positive data point that reaffirms our view that Algoma is a key supplier participating in Canada's defence spending growth," said Stifel Canada analyst Ian Gillies, who is maintaining a buy rating and $11.50 price target on the stock. He sees the announcement as "modestly positive."

By advancing a made-in-Canada approach to critical defence inputs, Roshel Algoma Defence will enable new, sovereign production of ballistic steel solutions to support defence procurements, Gillies adds. Roshel Algoma Defence will also support the use of ballistic steel across other industries, including infrastructure, marine, aerospace and security platforms while creating opportunities to export Canadian-made ballistic steel solutions to allied countries.

Price: 6.38, Change: +0.25, Percent Change: +4.08

MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.

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