Algoma Steel Group fell $20.4 million in Q4 amid lower steel prices, higher costs
SAULT STE. MARIE, Ont. -Algoma Steel Group Inc. says net loss for the fourth quarter was $20.4 million, compared to a profit of $242.9 million a year earlier.
Net loss per diluted share was 19 cents, down from earnings of $1.45 in the same quarter last year.
The Sault Ste. The Marie, Ontario-based steelmaker says revenue for the quarter ended March 31 was $677.4 million, down from $941.8 million.
Full fiscal year profit was $298.5 million, down from $857.7 million last year.
The company says the net loss for the fourth quarter was primarily due to lower steel sales prices and higher costs.
CEO Michael Garcia says results were in line with the company’s previous outlook, with sheet and strip operations returning to normal production levels in the quarter.
“We expect to continue this momentum into fiscal 2024, with expected strong Q1 deliveries and operating cash flow.”
This report from The Canadian Press was first published on June 21, 2023.
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