Canada-based steel producer Algoma Steel has announced its financial and operational results for the fourth quarter and the full financial year of 2022-23, ended March 31, 2023.
In the fourth quarter, the company registered a net loss of CAD 20.4 million, compared to a CAD 242.9 million net income in the same period of the previous year, while its revenues totaled CAD 677.4 million, compared to CAD 941.8 million in the fourth quarter of the previous year.
In the full year, Algoma Steel registered a net income of CAD 298.5 million, down by 65.2 percent, while its revenues amounted to CAD 2.77 billion, decreasing by 27 percent, both year on year.
The company’s shipments in the fourth quarter totaled 571,647 mt, up by 4.5 percent, while in the full year Algoma Steel’s shipment totaled two million mt, down by 12.8 percent, both year on year.
“Our results for the fiscal fourth quarter of 2023 were in line with our previously disclosed outlook. Following a period of dynamic commodity prices and operational improvements, 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,” Michael Garcia, Algoma Steel’s CEO, said.