Shipments are estimated to reach 550,000 to 565,000 metric tons, aligning with projects as the company’s plate mill has returned to historical production levels, said Algoma chief executive Michael Garcia. 

“As expected, our adjusted EBITDA is directionally higher compared to the December quarter, due to lower costs resulting from stable operations and increased productivity,” he said. 

Algoma has been ramping up as it wraps up work on the first phase of a modernization to its discrete plate mill. 
Moreover, steel prices are presently at a nine-month high, he said. 

“Attractive market conditions, combined with our consistent operations, are likely to significantly enhance our profitability as we head into fiscal 2024.”

Meanwhile, the company said the mill’s skyline is changing as it erects its electric arc furnace building. 

“While this marks a key milestone, we continue to diligently execute the project on time and on budget as we work towards our goal of a mid-2024 start-up,” Garcia said.