Essar Steel Algoma Reports Improved EBITDA
The break-even result reflects the impacts of cost improvements despite lower realized sales prices, down C$47 per ton from the same quarter a year ago. EBITDA is a non-GAAP measure of profitability.
Sales for the quarter were C$464 million in line with the previous quarter this year, and up 13% from the same quarter last year. Steel shipments of 641,625 tons were up 17% from the same quarter last year.
Essar Steel Algoma CEO Kaylan Ghosh commented on the quarter’s results: “Our improved EBITDA reflects firmer pricing in both sheet and plate products, and we are encouraged by recently announced price increases which run counter to the normal seasonality. Our focus is on liquidity, as we look to build our raw material inventories in advance of winter lock closures on the seaway.”