Stelco reports surge in net income for Q3

Thursday, 11 November 2021 20:08:20 (GMT+3)   |   San Diego

Hamilton, Ontario-based Stelco Holdings Inc. reported Q3 financial results, with $1.35 billion in revenue and net income of $614 million. This compares to revenue of $237 million and a net loss of $88 million in Q3 2020, and revenue of $918 million and net income of $363 million in Q2 2021.

In a press release, the company attributed the increased revenue in Q3 to a 165 percent increase in average selling price per net ton, a 113 percent increase in shipping volumes and higher non-steel sales of $61 million.

Paul Scherzer, Chief Financial Officer, commented, "The commitment of the entire Stelco team to maintaining a low-cost structure, as evidenced by our industry-leading profit margins, has been at the core of our success and has allowed the business to capitalize on favorable pricing and strong demand in recent months. We expect these conditions to continue through the fourth quarter of 2021 and expect our shipments will remain consistent with what we delivered on a quarterly basis in the first half of the year."

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