Canada’s Algoma Steel posts net loss in Q3

Algoma Steel, an integrated steel producer based in Canada, posted a net loss of C$69.8 million in the third quarter of the fiscal year 2022-23, compared to a net income of C$123 million in the year-ago quarter. The consolidated revenue during the period was C$567.8 million, dropping by 46.7% from C$1.06 billion in the same quarter a year earlier.

During the same period, the company’s shipment totaled 458,341 tons, a year-on-year decrease of 17%. The decline in the third-quarter shipment was mainly due to delayed steel plate mill modernization commissioning previously disclosed and the impact of additional maintenance.