Stelco Holdings Inc. today announced Q1 financial results of the Company for the three months ended March 31, 2021. Stelco Holdings is the 100 percent owner of Stelco Inc., the operating company.
The company reported net income of $119 million, compared to a net loss of $24 million in Q1 2020 and a net loss of $47 million in Q4 2020. Net revenues totaled $665 million in Q1 2021, compared to $445 million in Q1 2020 and $424 million in Q4 2020.
Total tons shipped in Q1 reached 675,000 nt, compared to 621,000 nt in Q1 2020 and 373,000 nt in Q4 2020. Of the total tons shipped in Q1 2021, 69 percent was hot rolled, 21 percent was coated, 5 percent was cold rolled, and 5 percent was other products.
In a press release, Alan Kestenbaum, Executive Chairman and Chief Executive Officer, said, "We are gaining momentum and are looking to further advance our cost position with continued strategic investments at Lake Erie Works in our ongoing coke battery upgrade and our electricity cogeneration facility that is currently under construction. During the first quarter, we also completed the commissioning of our new pig iron caster which will further enhance our tactical flexibility and allow us to re-shape the pig iron market in North America and provide up to one million tons of high-quality iron units to the expanding, but scrap constrained, electric arc furnace steel sector. All signs point to continued robust demand and strong pricing in the near term, and I am excited by the prospects for Stelco as we fully deploy our strategy and build upon the gains we have made in the early part of this year."