Essar Steel Algoma Reports 1st Quarter Net Income
08/12/2011 - Essar Steel Algoma reported net income of $33.2 million on revenue of $566.0 million for the fiscal first quarter ended June 30, 2011.
Essar Steel Algoma Inc. reported net income of $33.2 million on revenue of $566.0 million for the quarter ended June 30, 2011. Shipments were 641,017 tons, up 4.6% from the year-ago first quarter.
The company reported EBITDA of $108.9 million, which compares to EBITDA earnings of $65.9 million for the year-ago first quarter the prior year. According to the company, the first quarter’s improved financial results were the result of higher selling prices and higher shipments as well as cost reduction initiatives undertaken by the company.
"Despite the realization of increased raw material costs, we continue to see the benefit of our cost reduction initiatives, which when combined with improved market conditions, delivered a solid first quarter," commented Chief Executive Officer, Jim Hrusovsky.
