Essar Steel Algoma Reports First Quarter Results for Fiscal Year 2014
SAULT STE. MARIE, ON, Aug. 13, 2013 /PRNewswire/ – Essar Steel Algoma Inc.
reported today an EBITDA loss of $8.4 million for the three month
period ending June 30, 2013, compared to EBITDA of $64.2 million for
the same period a year ago, when steel prices were significantly
higher. EBITDA is a non-GAAP measure of profitability.
For the three month period ending June 30, 2013, the Company reported a
net loss of $28.7 million. Sales for the quarter were $464 million
with shipments of 672,000 tons, up 4% and 5% respectively from fourth
quarter of fiscal 2013.
Essar Steel Algoma Chief Executive Officer Kalyan Ghosh commented on the
quarter’s results, “Shipments of 672,000 tons for the quarter represent
the highest volume shipped in the last eight quarters. Despite this
increase in volume and reduced input costs, these improvements were not
sufficient to return us to profitability due to lower steel prices.
Fortunately prices have begun to rebound since reaching a two year low
in June, and we expect to see an improvement in operating profitability
A member of the Essar Group, Essar Steel Algoma Inc. is based in Sault
Ste. Marie, Ontario. As a fully integrated steel producer, the Company
derives its revenues primarily from the manufacture and sale of hot and
cold rolled steel products including sheet and plate.
SOURCE Essar Steel Algoma Inc.