Sault Ste. Marie, Ontario-based hot and cold rolled sheet and plate manufacturer Essar Steel Algoma reported Monday a net loss of $18 million for the quarter ending March 31, 2012, but a net income of $38.1 million for full fiscal 2012 year (also ending March 31, 2012).
Shipments for the year were 2,598,285 tons, up 8.9 percent from the prior year. Sales for fiscal 2012 were $2.16 million and sales for the quarter were $524 million.
Essar Steel Algoma's Chief Executive Officer Jim Hrusovsky commented on the year's results: "Our strengthening product mix and enhanced operating reliability enabled us to perform favorably within the improved market environment this year. In addition, we raised the bar with the successful installation of an Individual Oven Pressure Control System on our # 9 coke battery, demonstrating our continued commitment to environmental stewardship."
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