SAULT STE. MARIE, Ont. —
Algoma Steel Group reported a net loss of $69.8 million in its latest financial
quarter compared with earnings of $123 million during the same period a year
earlier.
Algoma Steel Group says it saw a net loss of $69.8 million
in its latest financial quarter compared with earnings of $123 million in the
same quarter a year earlier. A coils of steel is moved by a crane at the Direct
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 reported a net loss of $69.8 million in its latest financial
quarter compared with earnings of $123 million during the same period a year
earlier.
Earnings per diluted share
were 64 cents, down from 92 cents a year earlier.
The Sault Ste. Marie,
Ont.-based steel producer says revenue for the third quarter ended Dec. 31 was
$567.8 million, down from $1.06 billion a year earlier, a decrease of almost 47
per cent.
This is the second quarter in
a row that Algoma has reported significant decreases in earnings and revenue.
Steel prices fell in 2022 as
a result of lower demand, weighing on the sector.
CEO Michael Garcia said he
was disappointed in production and shipment levels over the past two quarters,
but said the company is now returning to normal production levels.
This report by The Canadian
Press was first published Feb. 13, 2023.