Sault Ste. Marie, Ontario-based flat rolled steelmaker Essar Steel Algoma Inc. reported Wednesday a net loss of $25.1 million for the three month period ending December 31, 2012 (fiscal Q3).
The results for Q3 reflect the impact of lower selling prices for the company's products compared to the three month period ending December 2011, offset by higher volumes and lower costs. Compared to last quarter, selling prices decreased by 5.8 percent, costs decreased by 12.3 percent and shipments improved by 19.6 percent. Shipments in the quarter were 655,609 tons, generating $457.1 million in revenue for the period.
Chief Executive Officer, Kalyan Ghosh commented on the results, "Despite lackluster steel markets, our commitment to safety and the continued realization of our cost reduction strategies combined to generate improved operating results for the quarter."