Steel Mills
August 15, 2019
Stelco Defies Headwinds, Looks Forward to Opportunities
Written by Sandy Williams
Canadian steel producer Stelco Holdings pulled off a profit for the second quarter despite significant headwinds. Second-quarter revenue decreased 39 percent from a year ago, shipping volume was down 27 percent and the average selling price per ton fell 15 percent to $761, the company reported during its earnings call on Wednesday. (All figures are in Canadian dollars.)
The company posted revenue of $431 million in Q2, operating income of $3 million and net income of $1 million, up from a loss of $11 million in Q2 2018. Shipments fell to 545,000 net tons, down from 612,000 tons in Q1 and 748,000 tons a year ago.
