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Algoma Steel sustains deep Q4 losses

Jonathon Brown Jonathon Brown, The Market Online
0 Comments| June 22, 2023

 

  • Algoma Steel Group (TSX:ASTL) posted a net Q4 2022 loss of $20.4 million, compared with earnings of $242.9 million a year earlier
  • Revenue for the quarter was C$677.4 million, down from C$941.8 million
  • Net loss per diluted share was 19 cents, down from earnings of C$1.45 the same quarter last year
  • Algoma Steel Group Stocks (TSX:ASTL) opened trading at C$10.05 per share

Algoma Steel Group (TSX:ASTL) posted a net Q4 2022 loss of $20.4 million, compared with earnings of $242.9 million a year earlier.

Revenue for the quarter was C$677.4 million, down from C$941.8 million.

Earnings for the full fiscal year were C$298.5 million, down from C$857.7 million the previous year.

Net loss per diluted share was 19 cents, down from earnings of C$1.45 the same quarter last year.

The company said the loss was mainly because of lower-selling steel prices as well as higher costs.

Algoma’s Chief Executive Officer, Michael Garcia, explained that these results were in line with the company’s outlook.

“Following a period of dynamic commodity prices and operational improvements, the quarter saw plate and strip operations return to normal production levels. We expect to continue this momentum into fiscal 2024, with expected strong first quarter shipments and operating cash flow,” Garcia said in a statement.

Ontario-based Algoma Steel Group is a producer of hot and cold rolled steel products, including sheet and plate.

Algoma Steel Group Inc. (ASTL) opened trading at C$10.05 per share.

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