Algoma Steel’s net income slides in fiscal first quarter
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Update time : 2023-08-17 20:47:05
Algoma Steel, an integrated steel producer based in Canada, reported that the company’s net income was C$130.9 million for its fiscal first quarter ended June 30, 2023, compared to C$301.4 million in the same period a year ago.
During the period, the consolidated revenue was C$827.2 million, falling from C$934.1 million in the year-ago quarter. The consolidated income from operations was C$164.3 million, dropping from C$328.9 million in the prior-year period. The adjusted EBITDA was C$191.2 million, with an adjusted EBITDA margin of 23.1%.
Algoma Steel is constructing two new electric arc furnaces (EAF) to replace its existing blast furnace and basic oxygen steelmaking facilities. After transforming into EAF steelmaking, the company’s annual raw steel production capacity will reach around 3.7 million tons, and the yearly carbon emissions will be cut by roughly 70%.
