Canada-based steelmaker Stelco Holdings Inc. has announced its financial results for the fourth quarter and the full year of 2022.
The company has reported a net income of $23 million for the fourth quarter, compared to a net income of $158 million in the third quarter and a net income of $513 million in the fourth quarter of 2021. Stelco’s revenues in the given quarter totaled $674 million, down by 20.3 percent quarter on quarter and decreasing by 43.1 percent year on year due to lower average sales prices, partly offset by higher shipping volumes, while its adjusted EBITDA was $82 million, down by 87.8 percent year on year.
In 2022, Stelco achieved a net income of $997 million, decreasing by 38.0 percent compared to a net income of $1.6 billion in 2021. The company’s revenues in the given year came to $3.46 billion, down by 16 percent, while its adjusted EBITDA was $1.19 billion, down by 41.9 percent, both year on year.
In the fourth quarter, the company shipped 607,817 mt of products, up by seven percent year on year and down by two percent compared to the third quarter. The company shipped 2.38 million mt of products in 2022, decreasing by two percent year on year.
The company saw some stabilization in pricing late in the fourth quarter which will start to be reflected in its performance in the first quarter of 2023.