Press release
Algoma Steel Group Reports Fiscal First Quarter 2025 Financial Results
First Quarter Results In-Line with Previously Announced Outlook Completed Plate Mill Upgrade, Ramping Production Towards Expected Annual Run Rate Capacity of
About this update from Algoma Steel Group Inc.
[{"type":"text","content":"First Quarter Results In-Line with Previously Announced Outlook Completed Plate Mill Upgrade, Ramping Production Towards Expected Annual Run Rate Capacity of Over 650,000 NT Continued to Significantly De-risk Transformative Electric Arc Furnace Project as Construction Continues on Schedule Announces Intention to Relaunch Normal Course Issuer Bid SAULT STE. MARIE, Ontario, Aug. 13, 2024 (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 first quarter ended June 30, 2024. Unless otherwise specified, all amounts are in Canadian dollars. Business Highlights and Fiscal 2025 to Fiscal 2024 First Quarter Comparisons Consolidated revenue of $650.5 million, compared to $827.2 million in the prior-year quarter, mainly attributable to lower steel shipments and realized prices.Consolidated loss from operations of $12.5 million, compared to income of $164.3 million in the prior-year quarter.Net income of $6.1 million, compared to $130.9 million in the prior-year quarter.Adjusted EBITDA of $37.7 million and Adjusted EBITDA margin of 5.8%, compared to $191.2 million and 23.1% in the prior-year quarter (see “Non-IFRS Measures” below).Cash flows generated from operations of $12.5 million, compared to $163.9 million in the prior-year quarter.Shipments of 503,152 tons, compared to 569,433 tons in the prior-year quarter.Paid quarterly dividend of US$0.05/share. Michael Garcia, the Company’s Chief Executive Officer, commented, “Our operations performed well in the quarter, delivering results that were in-line with our previously disclosed outlook. This summer has represented a period of challenging near-term steel pricing and uncertain macroeconomic conditions, but we have stayed focused on the business drivers within our control, namely the safe operation of our facilities, exceptional service to customers and the successful advancement of our capital programs.” Mr. Garcia continued, “We have made significant progress on our two key capital projects: completing the second phase of our Plate Mill Modernization and advancing our transformative EAF project. We remain on pace to start EAF commissioning activities by calendar year-end, with steel production expected by the end of calend...