Canada-based steel producer Algoma Steel has announced its financial and operational results for the third quarter and the first nine months ended December 31, 2022, of the fiscal year 2022-23.
In the third quarter, the company registered a net loss of CAD 69.8 million, compared to a CAD 123.0 million net income in the same period last year, while its revenues totaled CAD 567.8 million, compared to CAD 1.06 billion in the third quarter of the previous year.
In the first nine months, Algoma Steel registered a net income of CAD 318.9 million, down by 48 percent, while its revenues amounted to CAD 2.1 billion, decreasing by 26.6 percent, both year on year.
The company’s shipments in the third quarter totaled 458,341 mt, down by 17 percent from 552,544 mt recorded in the same period last year. The decline in shipments was largely attributable to previously disclosed plate mill modernization commissioning delays and the impact of additional maintenance.