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Topics News & Markets

Steelmaker Essar Steel Algoma reports $30.2M in EBITDA for latest quarter

By The Canadian Press | February 10, 2012

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SAULT STE. MARIE, Ont. - Essar Steel Algoma has reported a net loss of $50.8 million for its latest quarter, although the privately held company said it earned $30.2 million before interest, taxes, depreciation and amortization in the period.

Steel revenue for the quarter ended Dec. 31 was $490.5 million.

Essar Steel Algoma said the results were due to higher selling prices and lower costs for the last three months of 2011.

Compared with the last three months of 2010, shipments were up 0.9 per cent, while the cost per ton of steel products sold was down by the same amount.

The former Algoma Steel Inc. was bought by India's Essar Steel Holdings Ltd. for $1.85 billion in 2007.

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