Essar Steel Algoma Reports Net Loss of $25.1 Million for Q3

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.