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 WilliamsRead more from Sandy Williams
Latest in Steel Products
US Rig Count Drops, Canada Unchanged
The number of active oil and gas drilling rigs in the US dropped this week, while Canada’s count remains unchanged, according to the most recent data from oilfield services company Baker Hughes.
CRU: Demand-side Factors to Create Drag on Global Sheet Markets
Demand will be the determining factor in what happens to steel sheet prices globally for the remainder of the year, and most risks right now are to the downside. An autoworkers strike has started in the USA and could increase price volatility in the domestic sheet market. The longer and more severe this strike is, […]
Driving the Debate: Auto Worker’s Wage Demands in an Era of EV Transition
The LME aluminum 3-month price was up 0.8% on the morning of Friday Sept. 22. It was last seen trading at $2,238/metric tons, remaining above the $2,200/t mark for most of the past week.
Zekelman Industries Expanding ZI-Strut Line
Zekelman Industries has announced an expansion of its its ZI-Strut™ metal framing and accessories product line.
Stelco Considering Bid for U.S. Steel: Bloomberg
Canadian steelmaker Stelco Holdings Inc. is now in the mix to purchase U.S. Steel, according to an article in Bloomberg on Thursday, which cited people familiar with the matter.