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Canada’s Algoma Steel expects lower steel shipments in Q2 FY 2023-24

Monday, 02 October 2023 15:00:08 (GMT+3)   |   Istanbul
       

Canada-based steel producer Algoma Steel has announced its guidance for the second quarter (July-September) of the financial year 2023-24.

The company expects its total steel shipments to be in the range of 540,000-550,000 mt in the given period, lower compared to 569,433 mt in the previous quarter.

The company’s adjusted EBITDA is expected to be in a range of CDN $75-85 million in the second quarter, compared to CAD 191.2 million in the first quarter.

In addition, Algoma Steel stated that it expects higher plate production for the end of the financial year due to its plate mill modernization project. Meanwhile, the company’s electric arc furnace project is scheduled to be commissioned in late 2024, compared to the previous expectations of commissioning in mid-2024.


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