Press release
Algoma Steel Group Reports Fiscal Fourth Quarter and Full Year 2024 Financial Results
Fourth Quarter Results In-Line with Previously Announced Expectations Plate and Strip Operations Running at Planned Production Levels Reaffirmed Outlook on
About this update from Algoma Steel Group Inc.
[{"type":"text","content":"Fourth Quarter Results In-Line with Previously Announced Expectations Plate and Strip Operations Running at Planned Production Levels Reaffirmed Outlook on Transformative Electric Arc Furnace (EAF) Project Provides Outlook for Q1 Fiscal 2025 Further Strengthened Liquidity with US$350 Million Senior Secured Second Lien Note Financing SAULT STE. MARIE, Ontario, June 20, 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 fourth quarter and full year ended March 31, 2024. Unless otherwise specified, all amounts are in Canadian dollars. Business Highlights and Fiscal 2024 to Fiscal 2023 Fourth Quarter Comparisons Consolidated revenue of $620.6 million, compared to $677.4 million in the prior-year quarter.Consolidated income from operations of $3.1 million, compared to $21.7 million in the prior-year quarter.Net income of $28.0 million, compared to net loss of $20.4 million in the prior-year quarter.Adjusted EBITDA of $41.5 million and Adjusted EBITDA margin of 6.7%, compared to $47.9 million and 7.1% in the prior-year quarter (see “Non-IFRS Measures” below).Cash flows generated from operations of $121.2 million, compared to $95.4 million in the prior-year quarter.Shipments of 450,966 tons, compared to 571,647 tons in the prior-year quarter.Completed latest upgrade related to the plate mill modernization project phase two.Paid quarterly dividend of US$0.05/share. Fiscal 2024 to Fiscal 2023 Full Year Comparisons Consolidated revenue of $2,795.8 million, compared to $2,778.5 million the prior year.Consolidated income from operations of $167.3 million, compared to $290.5 million the prior year.Net income of $105.2 million, compared to $298.5 million the prior year.Adjusted EBITDA of $312.7 million and Adjusted EBITDA margin of 11.2%, compared to $452.3 million and 16.3% the prior year (see “Non-IFRS Measures” below).Cash flows generated from operations of $294.4 million, compared to $177.3 million the prior year.Shipments of 2,085,465 tons, compared to 2,002,715 tons the prior year. Michael Garcia, the Company’s Chief Executive Officer, commented, “As previously disclosed, early in the quarter our operations were impacted by a utility corridor collapse at our coke-m...