Steel Mills
June 18, 2021
Algoma Back in the Black with Q4 Results
Written by Sandy Williams
Algoma Steel recouped its losses from Q3 FY 2021 to report net income of $91.5 million ($114 million CAD) for the fourth quarter of its fiscal year. Third quarter’s loss totaled $59 million ($73.5 million CAD); net income of $15.2 million ($19 million CAD) was reported in Q4 2020.
In a report issued June 17, Algoma attributed higher demand and selling prices along with cost reductions for its improved performance. The company shipped 622,000 tons in Q4 FY 2020, resulting in steel revenue of $508 million ($633 million CAD)—a 50% increase from the prior quarter and a 28% jump year-over-year.
