Steel Products
Essar Steel Algoma Reports Highest Shipments in 2 Years
Written by Sandy Williams
August 16, 2013
Essar Steel Algoma reported a net loss of 28.7 million for the first quarter of its fiscal year 2014 ending on June 30, 2013, an improvement over its net loss of 92.7 million at the end of the fourth quarter in March.
Sales of $464 million showed an improvement of 4 percent over the previous quarter. Shipments rose by 5 percent to 672,000 tons.
“Shipments of 672,000 tons for the quarter represent the highest volume shipped in the last eight quarters,” said Chief Executive Officer Kalyan Ghosh. “Despite this increase in volume and reduced input costs, these improvements were not sufficient to return us to profitability due to lower steel prices. Fortunately prices have begun to rebound since reaching a two year low in June, and we expect to see an improvement in operating profitability next quarter.”
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.