On Monday, Sault Ste. Marie, Ontario-based Essar Steel Algoma, a manufacturer of hot and cold rolled sheet and plate, reported a net loss of $7.2 million for the three month period ending June 30, 3012 on shipments of 644,844 tons. The results for the quarter reflected the impact of lower selling prices and higher costs compared to same period a year ago. Compared to the same period last year, shipments increased 0.6 percent, and cost per ton of steel products sold increased 4.8 percent. Steel revenue was $511.8 million for the period.
Despite the net loss, Essar Steel Algoma reported positive EBITDA of $54.6 million, a meaningful indicator of the company's profitability, according to a company statement.