Essar Steel Algoma Reports Strong 2nd Quarter Performance
11/13/2008 - Essar Steel Algoma reports net income of $146.0 million on shipments of 741,000 tons as well as record EBITDA of $211.7 million for the second quarter of fiscal 2008/2009.
Essar Steel Algoma Inc. reported net income of $146.0 million on shipments of 741,000 tons for the second quarter of fiscal 2008/2009. The company also reported record EBITDA of $211.7 million.
The company attributed the $146.0-million net income primarily to higher steel prices and improved operating performance, despite a significant increase in raw material input prices.
Sales were 11% higher than in the previous quarter, again attributable to the higher steel prices. Shipments of 741,000 tons compares to shipments of 800,000 tons in the previous quarter.
“Strong steel prices coupled with consistent improvement in the operating performance have resulted in a very successful quarter,” said Armando Plastino, Chief Operating Officer. “Despite the current market uncertainties, Essar Steel Algoma Inc. is well positioned to continue to execute our long-term growth strategy.”
Essar Steel Algoma, a member of the Essar Group, is based in Sault Ste. Marie, Ont. As a fully integrated steel producer, the company’s revenues are derived primarily from the manufacture and sale of rolled steel products including hot and cold rolled sheet and plate.
