Stelco reports $363 million net income for Q2

Wednesday, 11 August 2021 20:13:21 (GMT+3)   |   San Diego
       

Hamilton, Ontario-based Stelco Holdings Inc. today announced financial results of the Company for the three and six months ended June 30, 2021. Stelco Holdings is the 100 percent owner of Stelco Inc., the operating company.

Revenues in Q2 2021 totaled $918 million, compared to $411 million in Q2 2020 and $665 million in Q1 2021. Net income for the quarter reached $363 million, compared to roughly nil in income in Q2 2020 and $167 million in Q1 2021.

Tons shipped during Q2 totaled 679,000 nt, compared to 576,000 nt in Q2 2020 and 675,000 nt in Q1 2021. By product, hot rolled steel comprised 72 percent of the shipments, coated steel was 21 percent, cold rolled steel was 1 percent, and other products (pig iron, slab and non-prime steel) comprised 6 percent of the shipment total.

Alan Kestenbaum, Executive Chairman and Chief Executive Officer, commented, "Even with our record results, we remain focused on further improving our cost structure. We are continuing our work to upgrade our Lake Erie Works coke battery. Once this project is complete, we expect to benefit from increased levels of productivity and efficiencies which will reduce our coke production costs and provide our business with a further advantage over our competitors. Similarly, construction of the 65MW electricity cogeneration project is well underway and once commissioned in the second half of 2022, will reduce our electricity costs and further execute on our CO2 reduction efforts."


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