Steel Mills
February 13, 2014
Winter Weather Slows Q3 Production for Essar Steel Algoma
Written by Sandy Williams
Essar Steel Algoma posted a net loss of 38.6 million for the third quarter FY 2014, ending December 31, 2013, compared to a net loss of $25.1 million for third quarter FY 2013.
Severe winter weather slowed incoming raw material shipments affecting production for the quarter. Steel shipments were 590,837 tons, down from 642,000 tons the prior quarter and down 9.9 percent from the same period a year ago. Sales of $436 million dropped 6 percent from Q2 due to lower production and margins.
