Canada-based steel producer Algoma Steel has announced its financial and operational results for the third quarter ended December 31, 2023, of the fiscal year 2023-2024.
In the third quarter, the company registered a net loss of CAD 84.8 million, compared to a net loss of CAD 69.8 million in the same period of the previous year, while its revenues totaled CAD 615.4 million, compared to CAD 567.8 million in the given quarter of the previous year.
The company’s shipments in the third quarter totaled 516,068 mt, up by 12.6 percent from 458,341 mt recorded in the same period of the fiscal year 2022-2023.
Meanwhile, the company has made substantial progress on the construction of two new state-of-the-art electric arc furnaces to replace its existing blast furnace and basic oxygen steelmaking operations. Thus, it expects to reach a crude steel production capacity of approximately 3.7 million mt per year and to reduce its carbon emissions by approximately 70 percent per year.