Canada’s Algoma Steel reported steel shipments for Q4 FY2021 (ended March 31, 2021) at 622,000mt, which resulted in a revenue increase of 50pc to $633mn from $421mn in the previous quarter and up 28pc against the $493mn in the same year-ago quarter.
Algoma achieved a net income of $114mn in Q4 FY2021 compared to $19mn in the same year-ago quarter and up also against a loss of $73.5mn in the prior quarter. EBITDA for Q4 FY2021 was $167mn and $199.2mn for the full FY2021. The company did not release the full data for FY2021 ended March 31, 2021.
The improved financial position is attributed to both higher finished steel prices and strong demand, which resulted in stronger revenues and cost management.
The Algoma and Legato merger previously announced in May 2021 is paving the way for the steelmaker to return to public markets with $306mn in new equity capital. Algoma Steel in its new form purchased all the assets of Essar Steel Algoma in November 2018.