Essar Steel Algoma Reports 3rd Quarter Results
02/15/2010 - Essar Steel Algoma Inc. reported a net loss of $64.7 million on sales of $308.0 million for the quarter ended December 31, 2009.
Essar Steel Algoma Inc. reported a net loss of $64.7 million on sales of $308.0 million for the quarter ended December 31, 2009.
The company said the loss was primarily attributable to ongoing weakness in steel prices and low shipments due to damage in Blast Furnace No. 7 caused by failure of the bustle main.
Shipments for the quarter were 471,343 tons; down 28% from the prior quarter. Sales of $308.0 million compare to sales of $388.3 million for the prior quarter (2Q10), which ended September 30, 2009.
The company reported EBITDA earnings, excluding exceptional items, of $16.7 million.
A member of the Essar Group, Essar Steel Algoma is based in Sault Ste. Marie, Ontario. As a fully integrated steel producer, the company derives its revenues primarily from the manufacture and sale of hot and cold rolled steel products including sheet and plate.
