Canada-based steel producer Algoma Steel has announced its financial and operational results for the first quarter ended June 30, 2024, of the fiscal year 2024-25.
In the first quarter, the company registered a net income of CAD 6.1 million, compared to a CAD 130.9 million net income in the same period last year, while its revenues dropped to CAD 650.5 million, compared to CAD 827.2 million in the given quarter of the previous year, mainly due to lower steel shipments and steel prices.
In the first three months, the company’s adjusted EBITDA was at CAD 37.7 million and its EBITDA margin was at 5.8 percent.
The company’s shipments in the first quarter totaled 503,152 mt, down by 11.6 percent from 569,433 mt recorded in the same period last year.
“We remain on pace to start EAF commissioning activities by calendar year-end, with steel production expected by the end of calendar Q1 2025. As our construction activities on the EAF project are in the home stretch, we remain on schedule and on budget. We are on the cusp of a new chapter for Algoma and believe that we are on track to deliver strong shareholder value as we transition to becoming one of North America's greenest steel producers,” Michael Garcia, CEO of Algoma Steel, commented on the progression of transformative EAF project.