Steel Products
Essar Steel Algoma Reports Net Loss of $25.1 Million for Q3
Written by Sandy Williams
August 2, 2013
Written by: Sandy Williams
Essar Steel Algoma reported an EBITDA of $9.7 million and a net loss of $25.1 million for the third quarter ending December 31, 2012.
Essar said lower selling prices were offset by higher volumes and lower costs compared to the same three month period in 2011. Selling prices and costs decreased by 5.8 percent and 12.3 percent, respectively. Shipments were up by 19.6 percent for a total of 655,609 tons for the quarter.
Chief Executive Officer, Kalyan Ghosh commented on the results, “Despite lackluster steel
markets, our commitment to safety and the continued realization of our cost reduction strategies combined to generate improved operating results for the quarter.”
Essar Steel Algoma is located in Sault Ste. Marie, Ontario and manufactures rolled steel products, including hot and cold rolled sheet and plate. The company’s conference call is not open to the public.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Products
US HR prices surge above offshore tags
Hot-rolled (HR) coil prices leaped in the US this week, while tags abroad saw more measured gains. The result: US hot band prices have become even more expensive than imports on a landed basis. In fact, the premium US HR prices carry over HR prices abroad now stands at a 12-month high.
US rig counts inch up again, Canadian activity slips
The latest oil and gas rig count in the US increased slightly from last week, while Canadian activity edged lower, according to Baker Hughes.
SMU flat-rolled market survey results now available
SMU’s latest steel buyers market survey results are now available on our website to all premium members. After logging in at steelmarketupdate.com, visit the pricing and analysis tab and look under the “survey results” section for “latest survey results.” Past survey results are also available under that selection. If you need help accessing the survey results, or if […]
CRU: Rising protectionism impacts global steel trade
US sheet prices surge following tariff announcement
SMU Community Chat replay now available
The latest SMU Community Chat webinar reply is now available on our website to all members. After logging in at steelmarketupdate.com, visit the community tab and look under the “previous webinars” section of the dropdown menu. All past Community Chat webinars are also available under that selection. If you need help accessing the webinar replay, or if your company […]