Sault steelmaker announced it's completing final stages of commissioning the first phase of its troubled plate mill modernization
Algoma Steel Group Inc. shipped 435,202 tons of steel in its fiscal 2023 second quarter, down 25.9 per cent from 587,340 tons shipped during the same period last year.
Rajat Marwah, Algoma's chief financial officer, cautioned then that upcoming shipments for the fiscal second quarter would be similarly affected. “As previously disclosed, the fiscal second quarter presented a number of operational challenges that adversely impacted our results, while we worked against the backdrop of steel pricing uncertainty," said Michael Garcia, Algoma's chief executive officer.
"Despite near-term challenges on pricing, we will continue to focus on improving operational performance and disciplined execution to drive long-term value creation for all of our stakeholders,” Garcia said. Algoma reported that its $700 million electric arc furnace project is "advancing as planned" and will take two years to finish.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Some customers in Algoma will stay without power this night: Hydro OnePower outage continues in some areas after damaging winds passed through parts of southwest, central and northern Ontario this Saturday
Read more »
LETTER: It's hard to find physician in Sault Ste. MarieGovernment can throw funds at the health care system, but until the policy to obtain a physician is changed, folks will be unable to even apply to have one at all, says writer
Read more »
Sister Rita Kennedy served in health care in the Sault 30 yearsFrom the archives of the Sault Ste. Marie Public Library: The Grey Sisters have always played an integral part in the operations of the General Hospital since its creation.
Read more »