Stelco Holdings Inc. today announced financial results of the company for the three months and year ended December 31, 2021. Stelco Holdings is the 100 percent owner of Stelco Inc., the operating company.
The company reported net income of $513 million in Q4 2021, compared to a net loss of $47 million in Q4 2020 and net income of $614 million in Q3 2021. Revenues in Q4 2021 totaled $1.19 billion, compared to $424 million in Q4 2020 and $1.35 billion in Q3 2021.
Total tons shipped in Q4 2021 reached 626,000 nt, compared to 489,000 nt in Q4 2020 and 710,000 nt in Q3 2021.
For the full-year 2021, Stelco reported net income of $1.61 billion, compared to a net loss of $159 million in the full-year 2020. Revenues in 2021 totaled $4.12 billion, compared to $1.52 billion in 2020.
Total tons shipped in the full-year 2021 reached 2.69 million nt, compared to 2.02 million nt in the full-year 2020.
As for an outlook, Alan Kestenbaum, Executive Chairman and Chief Executive Officer, said in a press release, “In 2022, we expect to see pressure on margins due to lower pricing and inflationary pressures on some of our cost inputs as well as a reduction in demand. As such, we will work even harder to further improve our cost structure where we can as we complete the final stages of our Lake Erie coke battery rehabilitation and upgrade, and bring our 65MW electricity cogeneration project online.”