Any recoveries from insurance companies have yet to be determined
January's unscheduled three-week blast furnace shutdown hit Algoma Steel hard, cutting metal production by about 150,000 tons, the company disclosed Thursday night.
"Management estimates the resultant outage negatively impacted hot metal production in the quarter by approximately 150,000 tons and reduced adjusted EBITDA by approximately $120 million to $130 million," the release said. "Algoma has been working closely with relevant insurance providers as they complete assessments. The amount and timing of any potential recoveries under these insurance policies are still to be determined," the news release said.
"It was thanks to the decisive and professional actions taken by the entire team that we were able to bring steel production back to near normal production levels in approximately three weeks.""Fiscal 2025 marks a pivotal and exciting period for Algoma," Garcia said in a written statement.
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