Sault Ste. Marie, Ontario-based flat rolled steelmaker Essar Steel Algoma reported net income of $73.7 million in fiscal Q2 2011 (ended September 30, 2011), more than double the $33.2 million in fiscal Q1. In a press release, the steelmaker said steel shipments increased 9 percent year-on-year to 673,640 tons, and steel revenue increased 22.2 percent to $555.3 million in fiscal Q2.
Pricing pressure during the three-month period did, however, reduce steel prices, which declined 3.1 percent year-on-year in Q2.