Canada-based steel production company, Algoma Steel reported strong first-quarter results for the fiscal quarter ended June 30, 2021, on the Thursday. Improvement in shipment volume, strong steel demand, and improved selling prices have boosted the steelmaker’s Q1 results.
In Q1FY22, the company earned a net income of C$214mn ($165.4mn), up from C$114mn in the prior quarter and a decline of C$43mn from Q1FY21.
Shipments for the first quarter increased by 47pc to 610,000mt from 416,000mt in Q1FY21, which led to a steel revenue of C$765mn, up 124pc from C$423mn in the first quarter of FY21 and from C$633mn in the prior-year quarter.
Robust demand and ideal pricing, as well as the steelmaker’s focus on cost containment, adjusted EBITDA in the first quarter to C$281mn, up from C$167mn in the previous quarter and C$21mn in Q1 fiscal 2021.
($1 = CAD1.29)