February 22nd, 2024

Algoma Steel reports net loss of $84.8 million in third quarter, revenues rise

By The Canadian Press on February 6, 2024.

The Essar Steel Algoma plant in Sault Ste. Marie is seen on Tuesday, March 13, 2018. THE CANADIAN PRESS/Justin Tang

SAULT STE. MARIE, Ont. – Algoma Steel Group Inc. reported a net loss of $84.8 million in its third quarter, compared with a net loss of $69.8 million a year earlier.

The Sault Ste. Marie, Ont.-based company says revenue totalled $615.4 million, up from $567.8 million during the same quarter last year.

Diluted losses per share were 78 cents, compared with a loss of 64 cents a year earlier.

Algoma says it has restored partial coke-making capabilities and completed necessary repairs at its blast furnace after a structure supporting utilities piping at its coke-making plant collapsed mid-January.

CEO Michael Garcia says the company aims to return to full production within the next two weeks, and that the incident is expected to weigh on fourth-quarter profitability.

Garcia says the results for the third quarter were consistent with the company’s previously disclosed outlook, noting the firm faced headwinds including the remaining impact of the United Auto Workers strike.

This report by The Canadian Press was first published Feb. 6, 2024.

Companies in this story: (TSX:ASTL)

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