Stelco Breaks Even in Q2, Begins BF Upgrade and Reline

Canadian steel producer Stelco reported stronger sales in the second quarter despite market headwinds, posting revenue of $411 million. Net income was nil compared to a net profit of $1 million in Q2 2019 and a net loss of $24 million in Q1 2020. Adjusted net income was $10 million, up from $6 million a year ago. (All figures are Canadian, 1 CAD equals 0.75 USD.)

Revenue decreased 4.0 percent year-over-year due to a decrease in average selling prices that was partly offset by a 6.0 percent jump in shipping volumes to 576,000 tons. Average selling price was $700 per net ton in Q2. Shipments of value-added cold roll and coated products were up 44 percent to 124,000 net tons compared to a year ago.