Algoma Profits Up on Higher Steel Prices, Despite Higher Costs

Algoma Steel Group posted solid profits in its fiscal first quarter on rising steel prices, despite higher raw material costs for iron ore, scrap, alloys and natural gas.

The Sault Ste. Marie, Ontario-based flat-rolled steelmaker also said the gains came despite a “significant” planned outage at its plate mill for a first phase of upgrades.

Michael Cowden

Michael Cowden is managing editor for Steel Market Update. Cowden has covered the steel industry since 2007. He has since 2014 specialized in flat-rolled steel but has previously reported on steel long products, steel pipe and tube as well as aluminum. Before joining SMU, Cowden held reporting jobs at Fastmarkets AMM in Chicago - where he was involved in launching AMM's daily hot-rolled coil index, the Associated Press in Pittsburgh, and the Cambodia Daily in Phnom Penh. He has also worked as a copy editor and in marketing at the University of Chicago Press. Cowden has a BA in English from the University of Chicago and an MSJ journalism from Northwestern University’s Medill School of Journalism. Contact him at michael@steelmarketupdate.com or 724-759-7872.