Canadian steelmaker Stelco Inc. announced financial results for the three months and full year ended December 31, 2017.
Revenue increased 45 percent from $312 million in Q4 2016 to $452 million in Q4 2017 driven by 28 percent increase in shipping volumes and a 13 percent increase in average selling prices. Shipping volumes increased from 463,000 net tons (nt) in the fourth quarter of 2016 to 592,000 nt in the fourth quarter of 2017, a 28 percent increase.
Net income in Q4 increased $99 million period-over-period from a net loss of $83 million in Q4 2016 to a net profit of $16 million in Q4 2017.
Revenue in the full-year 2017 increased 23 percent year-over-year from $1.3 billion in 2016 to $1.6 billion in 2017 driven by 21 percent higher average selling prices and slightly higher shipping volumes, which increased from 1,976,000 nt in 2016 to 2,003,000 nt in 2017, a 1 percent increase.
Net income in 2017 was $3.58 billion (including a $3.65 billion gain on CCAA emergence) compared to a net loss of $236 million in 2016.