Elevate your local knowledge

Sign up for the iNFOnews newsletter today!

Select Region

Selecting your primary region ensures you get the stories that matter to you first.

Algoma Steel Group earnings, revenues down year-over-year in the first quarter

Algoma Steel Group earnings, revenues down year-over-year in the first quarter | iNFOnews.ca
Coils of steel are seen at the Direct Strip Production Complex at Essar Steel Algoma in Sault Ste. Marie, Ont., on Wednesday, March 14, 2018. THE CANADIAN PRESS/Justin Tang

SAULT STE. MARIE, Ont. – Algoma Steel Group Inc. says it earned $130.9 million in its first quarter, down from $301.4 million a year earlier.

The firm says revenue for the quarter ended June 30 was $827.2 million, down from $934.1 million last year.

Earnings per diluted share were 85 cents, down from $1.49 a year ago.

CEO Michael Garcia says the results were modestly ahead of the company’s previously disclosed outlook.

The company says the lower income was due primarily to a lower selling price for steel and higher costs for key inputs.

Operating expenses rose in the first quarter to $639.5 million from $576.8 million.

This report by The Canadian Press was first published August 10, 2023.

Companies in this story: (TSX:ASTL)

News from © iNFOnews.ca, . All rights reserved.
This material may not be published, broadcast, rewritten or redistributed.

Join the Conversation!

Want to share your thoughts, add context, or connect with others in your community?

Create a free account

iNFOTEL

Related Articles