Algoma’s electric arc furnace conversion is expected to be as much as $175 million over its $700-million budget. Start-up won’t commence until the end of 2024
Consistent with expectations, Algoma Steel Group Inc. reported Wednesday evening a net fourth-quarter loss of $20.4 million, compared to net income of $242.9 million during the same fiscal period last year.
“Following a period of dynamic commodity prices and operational improvements, the quarter saw plate and strip operations return to normal production levels. "In addition, global supply chain disruptions affecting certain micro-processing chips are estimated to extend the targeted commencement of start-up activities to calendar year-end 2024."
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Union 'deeply concerned' about contractor safety at Algoma SteelPresident of United Steelworkers Local 2251 also says union in talks with company about opportunities for employees whose jobs will be lost in move to electric arc furnaces
Read more »
Algoma Steel has notified workers whose jobs will be lost to electric arc furnaceCEO Michael Garcia would not discuss specific numbers, but he told city council that impacted employees have been informed and some are already re-training for new roles
Read more »
Fraser Valley flood mitigation funding to help protect B.C.’s most fertile region - Terrace StandardBut more work remains ahead, say authorities after announcing $20 million for farmers, communities
Read more »
B.C. launches $20-million flood mitigation fund for the Fraser ValleyA statement from the Agriculture Ministry says the funding will be used for community-scale projects that protect and restore local ecosystems and wetlands
Read more »
Marimaca Copper announces C$20 million strategic investment from MitsubishiA roundup of all the mining news in the precious metals sector with a variety of company news, mining sector analysis, newsletter writer insights and executive interviews.
Read more »
Funnies on the menu for Algoma Repertory TheatreAuditions being held this month for two dinner theatre shows, a madcap Shakespeare offering as well as the heartwarming Steel Magnolias
Read more »