Steel Products
Essar Steel Algoma Reports Highest Shipments in 2 Years
Written by Sandy Williams
August 16, 2013
Essar Steel Algoma reported a net loss of 28.7 million for the first quarter of its fiscal year 2014 ending on June 30, 2013, an improvement over its net loss of 92.7 million at the end of the fourth quarter in March.
Sales of $464 million showed an improvement of 4 percent over the previous quarter. Shipments rose by 5 percent to 672,000 tons.
“Shipments of 672,000 tons for the quarter represent the highest volume shipped in the last eight quarters,” said Chief Executive Officer Kalyan Ghosh. “Despite this increase in volume and reduced input costs, these improvements were not sufficient to return us to profitability due to lower steel prices. Fortunately prices have begun to rebound since reaching a two year low in June, and we expect to see an improvement in operating profitability next quarter.”
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Products
Atlas Tube debuts ‘HSS Connections Hub’
Atlas Tube, part of Zekelman Industries, has introduced an engineering resource aimed at simplifying Hollow Structural Sections (HSS) connection design for structural engineers and fabricators.
Nucor keeps HRC price unchanged
Nucor paused its weekly hot-rolled (HR) coil price this week, keeping it flat for the first time since Jan. 21. This comes after a nine-week rally that saw the company increase prices by double-digits for eight of those weeks.
Nucor increases plate prices by $40/ton
Nucor aims to increase prices for steel plate by $40 per short ton (st) with the opening of its May order book. The Charlotte, N.C.-based steelmaker said the increase was effective with new orders received on Friday, March 28, in a letter to customers dated the same day. The company said the price hike applied […]
US CRC price gains ground over imports
US cold-rolled (CR) coil prices increased again this week, while offshore prices declined.
SMU Steel Demand Index momentum slows
Steel Market Update is pleased to share this Premium content with Executive members. Contact info@steelmarketupdate.com for information on how to upgrade to a Premium-level subscription. Growth in SMU’s Steel Demand Index eased in March after reaching a four-year high in late February. Despite a moderate gain, the index remains in expansion territory. The Steel Demand […]