• Skip to main content

    Market Segment

    February 7, 2024

    Algoma loss widens; updates on BF, coke-making repairs

    Written by Ethan Bernard

    Algoma Steel

    Fiscal third quarter ended Dec. 3120232022% change
    Revenue$615.4$567.88%
    Net earnings (loss)($84.8)($69.8)-21%
    Per diluted share($0.78)($0.64)-22%
    Nine months ended Dec. 31
    Revenue$2,175.2$2,101.14%
    Net earnings (loss)$77.2$318.9-76%
    Per diluted share$0.60$1.66-64%
    (in millions of Canadian dollars except per share)

    Ethan Bernard

    Ethan Bernard is managing editor for Steel Market Update. He previously worked for American Metal Market as a copy editor in the New York office for two years, starting in 2008. Later, he copy edited AMM’s monthly magazine on a freelance basis from 2015 until 2017. With experience in financial copywriting and textbook publishing, he holds a BA in Comparative Literature from UC Berkeley, and an MFA in Creative Writing from New York University. He can be reached at ethan@steelmarketupdate.com or 724-759-7871.

    Read more from Ethan Bernard

    Latest in Market Segment

    Nucor plans $60M expansion of Alabama Towers & Structures facility

    Nucor Corp. announced a $60 million investment to expand its Towers & Structures facility in Trinity, Ala., to increase production of steel poles and other structures for utility infrastructure. The Towers & Structures manufacturing facility, which began operating in September 2025, is adjacent to the Nucor Steel Decatur flat-rolled mill. The expansion will add production capacity, laydown space, and a dedicated galvanizing inspection area, the company said. "Utilities across the country are making significant investments to strengthen and modernize the nation's power grid," remarked Nucor Chair and CEO Leon Topalian. "By expanding our Trinity facility adjacent to our Decatur sheet mill, we can combine American-made steel with highly efficient manufacturing to better serve our utility customers and support their long-term infrastructure needs. “

    SDI Q3 profits soar on high steel prices, tight US market

    Steel Dynamics Inc. (SDI) posted sharply higher third quarter profits on the back of higher steel prices, record steel shipments, and "historically low" import volumes. The Fort Wayne, Ind.-based steelmaker said it also benefited from low customer inventories, long mill lead times, and low scrap prices. It wasn’t just a story of US trade policy suppressing imports. Demand was strong across a range of end markets, among them energy, non-residential construction, and automotive, the company said.

    Steel Dynamics announces series of leadership promotions

    Steel Dynamics Inc. (SDI) announced a round of leadership promotions. “I am excited to recognize these six leaders for their outstanding contributions to our company’s continued growth and success,” stated Incoming President and CEO Theresa E. Wagler. “Through their leadership, commitment to excellence, and dedication to our strategic pillars, they exemplify our culture of safety, performance, innovation, and putting people first.” William T. (Tommy) Scruggs was promoted to senior vice president, flat rolled commercial and processing. Scruggs has been with SDI since 2003 and has led the company’s Flat Roll Steel Group commercial operations since 2015.