SAULT STE. MARIE, Ont. —
Algoma Steel Group Inc. says its net loss for the fourth quarter was $20.4
million, compared with earnings of $242.9 million a year earlier. Net loss per
diluted share was 19 cents, down from earnings of $1.
Canadian Press
Steam rises as water is poured over hot steel at thDirect
Strip Production Complex at Essar Steel Algoma in Sault Ste. Marie, Ont., on
Wednesday, March 14, 2018. THE CANADIAN PRESS/Justin Tang
SAULT STE. MARIE, Ont. —
Algoma Steel Group Inc. says its net loss for the fourth quarter was $20.4
million, compared with earnings of $242.9 million a year earlier.
Net loss per diluted share
was 19 cents, down from earnings of $1.45 the same quarter last year.
The Sault Ste. Marie,
Ont.-based steel producer says revenue for the quarter ended March 31 was
$677.4 million, down from $941.8 million.
Earnings for the full fiscal year were $298.5 million, down from $857.7 million
the previous year.
The company says the net loss
for the fourth quarter was primarily due to lower selling steel prices as well
as higher costs.
CEO Michael Garcia says the
results were in line with the company's previous outlook, and that the quarter
saw plate and strip operations return to normal production levels.
"We expect to continue
this momentum into fiscal 2024, with expected strong first quarter shipments
and operating cash flow."
This report by The Canadian
Press was first published June 21, 2023.