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
Tariffs, ample domestic supply cause importers to shift or cancel HR import orders
Subdued demand is causing importers to cancel hot-rolled (HR) coil orders and renegotiate the terms of shipments currently enroute to the US, importers say. An executive for a large overseas mill said customers might find it difficult to justify making imports buys after US President Donald Trump doubled the 25% Section 232 tariff on imported steel […]
Drilling activity slows in the US, grows in Canada
Oil and gas drilling activity was mixed this week, according to Baker Hughes. US totals slipped for a sixth straight week, while Canada saw a slight bump in activity.
Commerce finds no Korean OCTG shipments below market value
US Department of Commerce (Commerce) review found no South Korean oil country tubular goods (OCTG) exporters or producers sold products below market value
Drilling activity slows further in US and Canada
Oil and gas drilling activity declined again this week in both the US and Canada, according to Baker Hughes.
SMU Community Chat: Zekelman calls for more support for steel consumers
“Unless the administration actually gets serious about levelling the playing field… for consumers of steel, then everything they've done on the steel side is useless."