Essar Steel Algoma reported net income of C$38.1 million for the fiscal year ended March 31, 2012.  For the three month period ending March 31, 2012, the company reported a net loss of C$18.0 million.  The improvement over fiscal year 2011 was primarily attributable to increased volumes, higher selling prices, a favorable product mix, and lower costs.

Shipments for the year were 2,598,285 short tons, up 8.9% from the prior year.  In the three month period, shipments were 648,320 short tons.  Sales for fiscal 2012 were C$2,159.8 million and sales for the quarter were C$524.0 million.

The company reported EBITDA, excluding exceptional items, of C$281.9 million for fiscal year 2012 compared to an EBITDA loss of C$58.6 million in 2011.  In the three month period ending March 31, 2012, EBITDA were C$55.9 million. 

"Our strengthening product mix and enhanced operating reliability enabled us to perform favorably within the improved market environment this year," commented CEO Jim Hrusovsky. "In addition, we raised the bar with the successful installation of an individual oven pressure control system on our #9 coke battery, demonstrating our continued commitment to environmental stewardship," he noted.

Essar Steel Algoma Inc. is based in Sault Ste. Marie, Ontario.  Revenues are derived primarily from the manufacture and sale of rolled steel products, including hot and cold rolled sheet and plate.