Steel Mills

Algoma changing fiscal year end to Dec. 31
Written by Ethan Bernard
November 8, 2024
Canada’ Algoma Steel has announced a change in its fiscal year end from March 31 to Dec. 31.
The Sault Ste. Marie-based steelmaker said its current fiscal year will end on Dec. 31, 2024. This will result in a nine-month reporting period from April 1, 2024, to Dec. 31, 2024.
“This change is being made to better align Algoma’s reporting calendar with other companies in the industry,” the company said in its fiscal Q2’25 earnings release on Wednesday.
Algoma plans to give reclassified historical financial information in the first quarter of 2025. It said this will assist investors “in evaluating the impact the change in fiscal year will have on the reported annual operating results for the years ending Dec. 31, 2023, and 2024.”

Ethan Bernard
Read more from Ethan BernardLatest in Steel Mills

CRU: Tata Steel looks to shed 1,600 jobs in the Netherlands
The company said, “The challenging demand conditions in Europe driven by geopolitical developments, trade and supply chain disruptions and escalating energy costs have affected the operating costs and financial performance."

Reports: Federal funding for Cliffs’ project could be slashed
Elon Musk's DOGE is determining which Department of Energy grants to advance and which ones to terminate, according to several media outlets

Trump still against selling USS to Japanese firm: Report
Despite ordering a new review of Nippon Steel’s bid for U.S. Steel, President Trump said he is still against selling USS to a Japanese company, according to media reports.

Algoma looks to sell more steel in Canada in wake of Trump’s tariffs
The Canadian steelmaker said its absorbing higher tariffs as it moves forward.

Ancora abandons plan to take over leadership of USS
Investment firm Ancora Holdings Group has halted its play for U.S. Steel's board, citing Nippon Steel’s proposed bid for USS “gaining momentum.”