Steel Mills
Essar Steel Algoma Announces Profitable FY 2015
Written by Sandy Williams
July 27, 2015
Essar Steel Algoma announced a return to profitability with income from operations of CDN $76.3 million at the closing of its fiscal year 2015 on March 31, 2015.
“Fiscal 2015 marked a turnaround for Essar Steel Algoma. Through the recently announced Modernization and Expansion Program, we expect to offer a much broader range of advanced steel grades over the next 36 months as we introduce best available technology” says Kalyan Ghosh, Chief Executive Officer of Essar Steel Algoma. “When combined with our return to profitability and low cost model, this investment will put us in a much stronger competitive position.”
The company completed a comprehensive recapitalization and refinancing of US $1.4 billion in FY 2015 that returned it to profitability after a FY 2014 loss of CDN $240.4 million.
“Operationally, the business achieved a CDN $12 per ton reduction year over year in conversion costs while maintaining shipment volumes despite an onslaught of imports and recovering demand,” wrote Essar Steel Algoma in its earnings announcement.
Sales for FY 2015 were CDN $1,984.2 million, up 11.9 percent y/y on shipment volumes of $2.398 million tons. Shipments in the last quarter of the fiscal year were up 10.7 percent year over year.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills
Ternium pushes forward with growth projects despite slump in earnings and Mexican market
Ternium S.A. Fourth quarter ended Dec.31 2024 2023 Change Net sales $3,876 $4,931 -21.4% Net income (loss) $333 $554 -39.9% Per diluted share $1.43 $2.11 -32.2% Full year ended Dec.31 Net sales $17,649 $17,610 0.2% Net income (loss) $174 $986 -82.4% Per diluted share $(0.27) $3.44 -108% (in millions of dollars except per share) While […]
Kestenbaum, Ancora state their case in proxy fight for U.S. Steel
Ancora Holdings is moving forward with its proxy fight to oust U.S. Steel’s leadership and install a new board of directors and Alan Kestenbaum as CEO.
BlueScope shelves midstream facility but still upbeat on US
BlueScope Steel is pulling back on its expansion plans in the US for now but remains optimistic about the North American market.
Japanese PM cites ‘unjust political interference’ in Nippon/USS deal: Report
Japan’s Prime Minister Shigeru Ishiba said on Monday that former President Joe Biden’s decision to block Nippon Steel’s buy of U.S. Steel was “unjust political interference,” according to a report in Reuters. This comes after another Reuters report on Friday saying that President Trump would not object to Nippon taking a minority stake in the […]
Trump says Nippon will ‘invest heavily’ in USS rather than buy it
Nippon Steel has agreed to “invest heavily in U.S. Steel as opposed to own it,” President Donald Trump said on Friday during a press conference with Japanese Prime Minister Shigeru Ishiba. U.S. Steel is “a very important company” and was once “the greatest company in the world”. Of potential foreign ownership of the Pittsburgh-based steelmaker, Trump said, “the concept, psychologically, not good."