Coils of steel are seen 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 Inc. says it earned $130.9 million in its first quarter, down from $301.4 million a year earlier.
The firm says revenue for the quarter ended June 30 was $827.2 million, down from $934.1 million last year.
Earnings per diluted share were 85 cents, down from $1.49 a year ago.
CEO Michael Garcia says the results were modestly ahead of the company’s previously disclosed outlook.
The company says the lower income was due primarily to a lower selling price for steel and higher costs for key inputs.
Operating expenses rose in the first quarter to $639.5 million from $576.8 million.
This report by The Canadian Press was first published August 10, 2023.
Companies in this story: (TSX:ASTL)
