‘We are on the cusp of a new chapter for Algoma’ – CEO Michael Garcia
Algoma Steel Group Inc. has tonight reported a consolidated loss from operations of $12.5 million during its fiscal first quarter ended June 30, compared to income of $164.3 million in the same quarter last year.
“Our operations performed well in the quarter, delivering results that were in-line with our previously disclosed outlook, said Michael Garcia, Algoma's chief executive officer. "We have made significant progress on our two key capital projects: completing the second phase of our plate mill modernization and advancing our transformative electric arc furnace project.
"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," Garcia said.
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