Essar Steel Algoma Reports Positive EBITDA for the Three Month Period Ending December 31, 2011
SAULT STE. MARIE, ON, Feb. 10, 2012 /PRNewswire/ – Essar Steel Algoma reported
positive EBITDA of $30.2 million and a net loss of $50.8 million for
the three month period ending December 31, 2011 on shipments of 635,308
tons. EBITDA is a meaningful indicator of the Company’s profitability.
The results for the three month period reflect the impact of higher
selling prices for the Company’s products and lower costs compared to
the three month period ending December 31, 2010. Compared to the
similar period of the prior year, shipments were up 0.9%, and cost per
ton of steel products sold was reduced by 0.9%. Steel revenue was
$490.5 million for the period, primarily due to improved pricing.
Chief Executive Officer, Jim Hrusovsky commented on the results, “We
have earned positive EBITDA in each of the last four quarters and
continue to see an improvement in operating reliability. I am pleased
to recognize the safe and highly successful installation of an
Individualized Oven Pressure Control System on our # 9 coke battery.
This $20 million investment in leading edge technology is estimated to
reduce emissions from the battery by more than 70%.”
Essar Steel Algoma Inc. is based in Sault Ste. Marie, Ontario. Revenues
are derived primarily from the manufacture and sale of rolled steel
products, including hot and cold rolled sheet and plate.
SOURCE Essar Steel Algoma Inc.