On the bright side, Algoma Steel expects to be reimbursed for carbon taxes paid since 2022
Algoma Steel Group Inc. has tonight reported a net loss of $106.6 million during its 2025 fiscal second quarter ended Sept. 30.The big loss was largely attributed to operational issues including lower steel shipments, greater consumption of purchased coke and weaker market conditions, the company said in a news release.
"Despite challenging market conditions, our planned ramp-up in plate production following completion of our plate mill modernization project continued in the quarter and the associated benefits from a greater mix of value-added products helped offset a steep decline in steel prices," Garcia said. "Our project team has worked tirelessly alongside our vendors including equipment providers and subcontractors to secure substantially all remaining budgeted items, significantly reducing remaining project budget risk.
"Under this program, Algoma has applied for, and expects to receive, reimbursement for carbon taxes paid since 2022, driving down the net cash costs of the EAF project.
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.
Steel mill bleeds like a pig in second quarterOn the bright side, Algoma Steel expects to be reimbursed for carbon taxes paid since 2022
Read more »
Algoma Steel prepares to bring in scrap metal by the shiploadDredging and dock refitting clear the way for marine shipments of scrap steel to feed new electric arc furnaces
Read more »
Suspect in huge Algoma Steel theft also charged with stealing from Hydro OneCourt records reveal local man allegedly responsible for multiple heists from Sault steelmaker also accused of stealing copper wire and a pickup truck in separate incidents
Read more »
Environmental lawyers say we don’t know nearly enough about Algoma Steel’s plansAlgoma Steel’s proposed standard for cancer-causing benzo(a)pyrene is 53,000 per cent of the provincial standard, Canadian Environmental Law Association says
Read more »
Algoma Steel rejiggers its elastic calendarIt’s still 2024, but our steel mill is already halfway through its 2025 fiscal year? That’s about to change
Read more »
Nippon Steel to sell stake in Calvert joint venture to ArcelorMittal if U.S. Steel deal completedNippon Steel believes the move is needed to clear antitrust concerns and would hasten U.S. authorities’ review of the U.S. Steel deal, a senior company official said
Read more »