Market MoversOn The Rise Stelco Holdings Inc. soared after reporting a triple-digit improvement in adjusted EBITDA and net income in the first quarter.
The Hamilton-based company announced operating and adjusted net income of $166-million and $155-million, respectively, up 328 per cent and 243 per cent from the fourth quarter. Adjusted EBITDA of $185-million represented a jump of 208 per cent.
Chief Financial Officer Paul Scherzer said Stelco could generate adjusted EBITDA “in excess” of $2-billion in 2021.