Steel Products
Essar Steel Algoma Reports Net Loss of $25.1 Million for Q3
Written by Sandy Williams
August 2, 2013
Written by: Sandy Williams
Essar Steel Algoma reported an EBITDA of $9.7 million and a net loss of $25.1 million for the third quarter ending December 31, 2012.
Essar said lower selling prices were offset by higher volumes and lower costs compared to the same three month period in 2011. Selling prices and costs decreased by 5.8 percent and 12.3 percent, respectively. Shipments were up by 19.6 percent for a total of 655,609 tons for the quarter.
Chief Executive Officer, Kalyan Ghosh commented on the results, “Despite lackluster steel
markets, our commitment to safety and the continued realization of our cost reduction strategies combined to generate improved operating results for the quarter.”
Essar Steel Algoma is located in Sault Ste. Marie, Ontario and manufactures rolled steel products, including hot and cold rolled sheet and plate. The company’s conference call is not open to the public.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Products
US rig count slips, Canada ticks higher
ncreases through September, according to the latest Baker Hughes rig count data.
CRU: EC to toughen steel safeguards
The European Commission proposes cutting its steel import quota by almost half, with volumes exceeding the limit facing 50% duties. The region’s steel industry welcomes the move, while other steel-producing nations fear the consequences. CRU published an insight before this announcement, noting that more restrictive trade policy could significantly raise the cost of marginal supply […]
US and Canadian rig counts stabilize
US counts continue to hover just above historic lows, while Canadian figures remain comparatively healthy.
Plate market sources critique mill hikes amid current market conditions
Following spot market plate price increase notices issued by domestic mills this past week, participants are contemplating the rationale behind the increases and whether they will stick. Some sources anticipate that current market conditions will shift in November and believe the increases may set a new "pricing floor."
Oregon Steel Mills lifts plate prices by $60/ton
Oregon Steel Mills has joined other producers in announcing a price increase of at least $60 per short ton on steel plate.