Steel Mills
November 6, 2018
Algoma Improves Profits as It Looks Toward Independence
Written by Sandy Williams
Reporting a profitable third quarter, Essar Steel Algoma is moving closer to emergence from bankruptcy. The Canadian steel producer announced income from operations for the three-month period ending Sept. 30 of C$107.9 million, up from income of C$74.3 million in the same period of 2017.
Algoma’s steel shipments rose 6.3 percent year-over-year to 620,137 tons. Steel revenue soared 46.4 percent to C$720.8 million during the three-month period. Average net sales realization on steel jumped 39.4 percent to C$1,091 per ton.
