Algoma Swings to Loss in Q3, Upbeat About '23 on Higher Prices

Algoma Steel said lower production volumes and steel selling prices, as well as the jump in the price of key inputs, hit its fiscal Q3 earnings as the company swung to a loss.

The Sault Ste. Marie, Ontario-based steelmaker posted a net loss of Canadian $69.8 million ($52.3 million USD) in its 3Q ended Dec. 31 vs. net income of C$123.0 million a year earlier on revenue that slid 47% to C$567.8 million.