Sault Ste. Marie, Ontario-based steelmakers Essar Steel Algoma reported net income of $33.2 billion for the quarter ended June 30, 2011 (Q1). Shipments in Q1 were 641,017 tons, a 4.6 percent increase from Q1 last year. In a press release Thursday, Essar Steel Algoma said the improved result was due to higher selling prices, higher shipments and cost-reduction initiatives undertaken by the company.
Chief Executive Officer, Jim Hrusovsky commented, "Despite the realization of increased raw material costs, we continue to see the benefit of our cost reduction initiatives, which when combined with improved market conditions, delivered a solid first quarter."