'We are also encouraged by the recent rebound in North American hot rolled coil steel prices and continued robustness in plate pricing,' says Michael Garcia
“We have invested strategically to capture market upside opportunities and continue to focus on the next chapter of our company as we transition to electric arc steelmaking. We expect calendar 2023 to be more in line with our historical production levels," said CEO Michael Garcia. SAULT STE. MARIE, Ontario, Feb. 13, 2023 — Algoma Steel Group Inc.
“We have invested strategically to capture market upside opportunities and continue to focus on the next chapter of our company as we transition to electric arc steelmaking. We expect calendar 2023 to be more in line with our historical production levels. Our transformation to electric arc steelmaking is progressing as expected and we will maintain our relentless focus on creating long-term value for all of our stakeholders,” Mr. Garcia concluded.
Average realized price of steel net of freight and non-steel revenue was $1,116 per ton, down 38.9% from $1,827 per ton in the prior-year quarter, primarily driven by weakening market conditions. Cost per ton of steel products sold was $1,157, up 22.3% from $946 in the prior-year quarter, driven primarily by higher input costs associated with metallurgical coke, natural gas, alloys, and scrap. Shipments for the third quarter decreased by 17.
Net loss in the third quarter was $69.8 million, or $0.64 per diluted share, compared to net income of $123.0 million, or $0.92 per diluted share in the prior-year quarter. The decrease in net income was driven primarily by the factors described above under loss from operations, and the diluted earnings per share additionally reflected the higher share count resulting from the company’s merger with Legato Merger Corp. in October of 2021.
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