Sault Ste. Marie, Ontario-based Essar Steel Algoma Inc. reported Tuesday CDN $85.2 million in EBITDA for the three month period ended September 30, 2014.
This improvement in earnings is attributable, in part to a 28 percent increase in shipments with 680,092 tons shipped during the quarter as compared to 530,038 tons in the previous quarter, coupled with lower costs.
The net income for the quarter was CDN $52.9 million compared to a net loss of CDN $80.8 million for Q1 FY2015.
Essar Steel Algoma Chief Executive Officer Kalyan Ghosh commented on the quarter’s results, “As we enter into the final stage of the refinancing process this week we are starting to witness the results of our turnaround efforts. Step changes in both productivity and conversion costs combined with improving macro-economic indicators are positively reflected in our second quarter results. As we commence our seasonal raw material build we continue to optimize production levels to ensure reliable supply to our customers over the coming winter.”