Algoma Reports Strong Quarter, Eyes EAF Conversion

Algoma Steel Inc. reported strong results for its fiscal first quarter ended June 30, setting the stage for its parent company, Algoma Steel Group Inc., to become a public company later in 2021. Algoma reported net income of $214 million Canadian ($166.6 million U.S.), nearly double its earnings in the prior quarter. The Ontario-based steelmaker attributed its strong financial performance to increased shipment volumes, strong steel demand and improved selling prices.

“The extended strength we see in the steel market positions us favorably for our pending return to public markets,” said Michael McQuade, Algoma’s CEO.

Algoma

David Schollaert

David Schollaert is deputy editor-in-chief for Steel Market Update. David joined SMU after more than a decade in the metals and mining industry in a myriad of different roles. Much of his early experience and expertise were within the coverage and analysis of steel-making raw materials and served previously as senior editor of the CRU Prices Service. Most recently, however, before his return to market analysis, David held roles as a metals buyer and an operations manager for raw material suppliers. He can be contacted at david@steelmarketupdate.com or 724-720-1008.

David Schollaert

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