Stelco reports $88 million net loss in Q3

Friday, 13 November 2020 23:00:23 (GMT+3)   |   San Diego
       

Stelco Holdings Inc. announced financial results of the company for the three months ended September 30, 2020. Stelco Holdings is the 100 percent owner of Stelco Inc.

The company reported a net loss of $88 million in Q3 2020, compared to a net loss of $11 million in Q3 2019. Revenue in the third quarter of 2020 totaled $237 million, compared to $464 million in Q3 2019.

Total tons shipped in Q3 2020 totaled 334,000 nt, compared to 654,000 nt in Q3 2019. Broken down by product, hot-rolled products comprised 63 percent of the shipment total; coated products comprised 23 percent; cold-rolled products comprised 5 percent; and other products comprised the remaining 9 percent.

“To date in 2020 we have increased our penetration in value-added markets, thanks in part to our earlier investment in new state-of-the-art batch annealing technology, and we have secured a long-term, competitively priced supply of iron ore along with an option to acquire a stake in the Minntac mine,” said Alan Kestenbaum, Executive Chairman and Chief Executive Officer. “In the coming months, we expect to commission our pig iron casting facility, which will increase our tactical flexibility and further diversify our product mix.”

 


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