Algoma Steel reported a first-quarter loss of $12.5 million this week, compared to an income of $164.3 million the same quarter a year earlier.
The Sault Ste. Marie producer of hot and cold rolled steel sheet and plate products announced results for the period ending June 30.
“Consolidated revenue of $650.5 million, compared to $827.2 million in the prior-year quarter, mainly attributable to lower steel shipments and realized prices,” Algoma said in a news release.
“Net income of $6.1 million, compared to $130.9 million in the prior-year quarter.”
Cash flows generated from operations in the first quarter totalled $12.5 million, compared to $163.9 million for the same period a month earlier.
Steel shipments totalled 503,152 tons, compared to 569,433 last year.
“Our operations performed well in the quarter, delivering results that were in line with our previously disclosed outlook,” CEO Michael Garcia said in the release.
