Globe & Mail 07:45 AM EDT, 05/27/2021 (MT Newswires) -- Champion Iron Ltd. (CIA.TO) said overnight Wednesday that its net income in the fourth quarter of its fiscal 2021 soared 750% to year over year to a record $155.9 million, or $0.32 per share, meeting the forecast normalized EPS of $0.32.
Revenue climbed 126% to $396.7 million and EBITDA swelled 355% to a record $275.8 million amid a 116% surge in the net average realized selling price to $201.3 per dmt of iron ore sold.
In fiscal 2021, Champion Iron's net income grew 284% to $464.4 million as revenue jumped 63% to $1.28 billion.
EBITDA was up 136% to $819.5 million and the net average realized selling price increased 61% to $166.8 per dmt of iron ore sold.
Champion Iron said it plans to deliver the phase-two expansion of the Bloom Lake operation by mid-2022, with construction work to peak between May and October 2021.
The company also launched a program to develop technologies and products that will support the company's steelmaking transition from blast furnace to using DR in electric arc furnace. It will also aim to cut emissions in the blast furnace process.
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