Heavy snowfall in late November and early December slightly impacted the installation of Algoma Steel's electric arc furnaces. Despite this, the company expects to begin steel production using the new technology by the end of the first quarter of 2025. CEO Michael Garcia stated that the project has reached a major milestone with the commencement of cold commissioning activities. Algoma Steel also projects a loss in adjusted EBITDA of $55 million to $65 million for the quarter ended December 31, 2023, and expects total steel shipments to be between 545,000 and 550,000 tons.
Heavy snowfalls since late November have affected installation of Algoma Steel 's game-changer electric arc furnaces , but steel production using the new technology is still expected to begin at the end of the first quarter of 2025.
"We encountered record days of snowfall in late November and early December at the site which briefly impacted project work," Garcia said. "We continue to make significant progress in our strategic transformation to become one of North America's leading low-carbon steel producers, setting the stage for an exciting 2025."
Algoma uses its own definition of adjusted EBITDA: "net income before amortization of property, plant, equipment and amortization of intangible assets, finance costs, interest on pension and other post- employment benefit obligations, income taxes, restructuring costs, impairment reserve, foreign exchange gain, finance income, inventory write-downs, carbon tax, changes in fair value of warrant, earnout and share-based compensation liabilities, transaction costs, share-based compensation,...
Algoma Steel Electric Arc Furnaces Steel Production 2025 Snow Delay
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