Press release
Algoma Steel Group Announces Fiscal 2022 Second Quarter Results
Record Second Quarter Revenue, Adjusted EBITDA and Free Cash Flow Driven by Higher Price Realizations and Cost Containment Initiatives Business Highlights and
About this update from Algoma Steel Group Inc.
[{"type":"text","content":"Record Second Quarter Revenue, Adjusted EBITDA and Free Cash Flow Driven by Higher Price Realizations and Cost Containment Initiatives Business Highlights and Fiscal 2022 to Fiscal 2021 Second Quarter Comparisons Consolidated revenue of $1.01 billion, up 168% from $377.0 million in the prior year quarter.Consolidated income from operations of $402.1 million, compared to loss of $24.7 million in the prior year quarter.Net income of $288.2 million, compared to a loss of $60.0 million in the prior year quarter.Adjusted EBITDA of $430.6 million and Adjusted EBITDA margin of 42.6%, compared to nil for each in the prior year quarter (See “Non-IFRS Measures” below).Cash flows generated from operations of $380.1 million, compared to a use of cash of $55.7 million in the prior year quarter.Shipments of 587,340 tons, compared to 516,294 tons in the prior year quarter.Announcement of fiscal third quarter 2022 guidance. SAULT STE. MARIE, Ontario, Nov. 11, 2021 (GLOBE NEWSWIRE) -- Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) (“Algoma” or “the Company”), a leading Canadian producer of hot and cold rolled steel sheet and plate products, today announced results for its fiscal second quarter ended September 30, 2021. Unless otherwise specified, all amounts are in Canadian dollars. Michael McQuade, the Company’s Chief Executive Officer, said, “Our financial results for the fiscal second quarter demonstrate continued solid execution by our team, generating record revenue, Adjusted EBITDA, and cash flows due in part to the combination of higher realized steel prices and ongoing cost containment initiatives. These results contributed to our strong liquidity, which has positioned us to make two additional strategic announcements that we believe will increase value to our shareholders and provide competitive strategic growth.” Mr. McQuade continued, “Calendar 2021 has been an incredible journey, and we expect that the final three months will be a truly transformative period for Algoma. Following our successful return to the public markets in October, we are excited to have announced today, under a separate release, that our board has authorized our investment in electric arc steelmaking. Additionally, the board has approved a plan to retire all of Algoma’s outstanding senior secured long-term debt. This US$358 million debt reduction will leave us...