Canada-based steel producer Algoma Steel has announced its financial and operational results for the first quarter ended June 30, 2023, of the fiscal year 2023-24.
In the first quarter, the company registered a net income of CAD 130.9 million, compared to a CAD 301.4 million net income in the same period last year, due to a decrease in selling prices and higher costs, while its revenues totaled CAD 827.2 million, compared to CAD 934.1 million in the given quarter of the previous year.
In the first three months, the company’s adjusted EBITDA was at CAD 191.2 million and its EBITDA margin was at 23.1 percent.
The company’s shipments in the first quarter totaled 569,433 mt, up by 5.9 percent from 537,524 mt recorded in the same period last year.
Meanwhile, following the transformation to electric arc furnace-based steelmaking, Algoma Steel is expected to reach an annual production capacity of approximately 3.7 million mt and to reduce its annual carbon emissions by approximately 70 percent.