Canada-based steel producer Algoma Steel has announced its financial and operational results for the fourth quarter and the full fiscal year 2023-2024 ended March 31.
In the fourth quarter, the company registered a net income of CAD 28.0 million, compared to a net income of CAD 20.4 million in the same period of the previous year, while its revenues totaled CAD 620.6 million, down 8.4 percent year on year. The company’s shipments in the last quarter of the fiscal year totaled 450,966 mt, as anticipated, down by 21.1 percent compared to the same period of the previous fiscal year.
In the full fiscal year, Algoma Steel posted a net income of CAD 105.2 million, compared to CAD 298.5 million in the prior year, while its revenues totaled CAD 2.79 billion, up by 0.6 percent year on year. The company’s shipments in given year totaled 2,085,465 mt, compared to 2,002,715 mt in the prior year.
According to its statement, the company’s operations were impacted by an accident at its coke-making facility that resulted in a blast furnace shutdown early in the fourth quarter. However, steel production was brought back to normal levels in approximately three weeks. In addition, the completion of the modernization works at the company’s plate mill in Sault Ste. Marie, which was previously reported by SteelOrbis, has already resulted in increased plate output and is expected to enhance Algoma’s financial performance for years to come.
For the first quarter of the fiscal year 2024-25, the company expects its adjusted EBITDA to be in the range of CAD 30-40 million, with total steel shipments of 500,000-510,000 mt. Following the transformation to electric arc furnace steelmaking, Algoma is anticipated to have an annual raw steel production capacity of approximately 3.7 million mt.
