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
Final Thoughts
The difference: The spat with Turkey was a big deal for steel. This time, the 50% reciprocal tariff for Brazil – if it goes into effect as threatened on Aug.1 – hits everything from coffee and to pig iron. It seems almost custom-built to inflict as much pain as possible on Brazil.
CRU: US rebar and wire rod prices rise alongside S232 increase
CRU Senior Steel Analyst Alexandra Anderson discusses current market and pricing dynamics for long steel products in the US.
CRU: Excessive global supply could hit rebar mill investments in US
Following the onset of the war in Ukraine in March 2022, concerns about import availability and expectations of rising demand from President Biden’s Infrastructure Bill pushed US rebar prices to record highs. In response, a flurry of new mills and capacity expansions were announced to meet the rise in demand from growth in the construction […]
Steel buyer spirits tempered by soft spot market conditions
Steel sheet buyers report feeling bogged down by the ongoing stresses of stagnant demand, news fatigue, tariff negotiations or implementation timelines, and persistent macroeconomic uncertainty.
CRU: US stainless prices to rise on expanded S232 tariffs
Stainless prices in the US market will rise, following price increases by major US producers. Our base case scenario incorporates higher US prices in the near term, despite the initial negative reaction by the market. US stainless prices will go up in 2025 H2 and will stay elevated in 2026 as tariffs on stainless […]