Algoma Steel Announces Q1 FY2025 Financial Results and Webcast

August 14, 2024 at 11:00 AM EDT

Sault Ste. Marie, Ontario - Algoma Steel Inc. (TSX: ALG), a fully integrated steel producer, today announced its financial results for the first quarter of fiscal 2025.

The company reported a net loss of $10.5 million, or $0.09 per share, compared to a net income of $26.8 million, or $0.23 per share, in the same period last year. Revenue for the quarter totaled $650.5 million, a decrease of 11.2% compared to $733.6 million in the first quarter of fiscal 2024.

Algoma Steel's adjusted EBITDA for the quarter was $55.5 million, compared to $98.3 million in the same period last year. The company attributed the decline to lower steel prices and higher input costs, including iron ore and energy.

Despite the challenging market conditions, Algoma Steel remains optimistic about the future. The company is investing in a number of projects to improve its efficiency and reduce its costs, including a $50 million investment in a new electric arc furnace.

Algoma Steel will host a webcast and conference call on August 14, 2024 at 11:00 AM EDT to discuss the financial results and provide an update on the company's outlook.