Canada-based steel producer Algoma Steel has announced its guidance for the third quarter (October-December) of the financial year 2023-24.
The company expects its total steel shipments to be around 515,000 mt in the given period, lower compared to 548,998 mt in the previous quarter. The company’s adjusted EBITDA is expected to be in a range of negative CDN $10 million to breakeven in the third quarter, compared to CAD 81 million in the second quarter.
Algoma Steel stated that progress on its electric arc furnace project continued its pace and in line with the budget. “Our operations ran in line with our expectations during the fiscal third quarter, with a heavy focus on seasonal maintenance that included completion of our annual basic oxygen furnace relining. Due to the UAW strike-driven soft demand, pricing in the previous quarter and through October impacted our fiscal third quarter results,” Michael Garcia, Algoma’s CEO, commented.