Canada-based steelmaker Stelco Holdings Inc. has announced its financial results for the second quarter and the first half this year.
The company has reported a net income of $550 million in the second quarter, compared to a net income of $262 million in the first quarter and a net income of $363 million in the second quarter of 2021. Stelco’s revenues in the given quarter totaled $1.03 billion, up by 14.4 percent quarter on quarter and up by 12.9 percent year on year due to higher average selling prices, while its adjusted EBITDA was $464 million, up by 13.1 percent year on year.
In the first half this year, Stelco achieved a net income of $816 million, increasing by 69.2 percent compared to a net income of $482 million in the same half of 2021. The company’s revenues in the given period came to $1.94 billion, up by 22.7 percent, while its adjusted EBITDA was $866 million, up by 45.5 percent, both year on year.
In the second quarter, the company shipped 614,167 mt of products, down by 0.3 percent year on year and up by 13.9 percent compared to the first quarter. The company shipped 1.15 million mt of products, decreasing by 6.1 percent year on year.
The company expects steel prices to soften in the third quarter consistent with current trends and sales activities in the market.