It’s still 2024, but our steel mill is already halfway through its 2025 fiscal year? That’s about to change
If so, you aren't alone.
Earlier this evening we told you that Algoma Steel Group Inc. had reported a net loss of $106.6 million during its 2025 fiscal second quarter.To keep us on our toes, the company tonight announced it's further tweaking its fiscal calendar.The company today announced that its board of directors has approved a change in Algoma’s fiscal yearThis change is being made to better align Algoma’s reporting calendar with other companies in the industry.
Algoma’s current fiscal year will end on December 31, 2024, resulting in a nine-month reporting period from April 1, 2024 to December 31, 2024. Algoma plans to provide reclassified historical financial information in the first quarter of 2025 to assist investors in evaluating the impact the change in fiscal year will have on the reported annual operating results for the years ending December 31, 2023 and 2024.
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