Algoma Steel Announced Fiscal Third Quarter 2024 Results

SEATTLE (Scrap Monster): Algoma Steel Group Inc. announced results for its fiscal third quarter ended December 31, 2023.

The steelmaker reported consolidated revenue of $615.4 million during the quarter. This compares with $567.8 million in the prior-year quarter. The consolidated loss from operations declined from $65.7 million in the prior-year quarter to $36.9 million in Q3 fiscal 2024. The net loss widened further from $69.8 million to $84.8 million year-on-year, said the company press release.

Following the collapse of a structure supporting utilities piping at the company’s coke-making plant, it has resumed limited production at three coke-production units on 23rd January, 2024. Also, substantial progress has been made on construction of two new state-of-the-art electric arc furnaces in replacement of the existing blast furnace and basic oxygen steelmaking operations.

The Board announced regular quarterly dividend of US$0.05 on each common share outstanding, which will be payable on 29th March, 2024 to shareholders of the company as on February 29, 2024.

Algoma Steel reported steel shipments of 516,068 tons, in line with previously announced expectations and significantly higher when compared with 458,341 tons in the prior-year quarter.

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