Stelco Holdings Inc. reported its fourth-quarter earnings Wednesday with declines in revenue and profit, as its chief executive said the company faced multiple headwinds which are no longer in place.
from Stelco Holdings Wednesday, the company reported $674 million in revenue during the fourth quarter, down 20 per cent from the previous quarter and 43 per cent year-over-year. Net income came in at $23 million during the quarter, down 85 per cent from the third quarter and 96 per cent year-over-year.
In a television interview with BNN Bloomberg on Thursday, Kestenbaum said despite challenges in the fourth quarter, 2022 was the second most profitable year in the company’s history, second only to 2021. In the industries Stelco serves, including oil and gas, demand has now rebounded, according to Kestenbaum. He said the company is currently sold out for the first quarter of this year and nearly 50 per cent sold out for the second quarter.
“Recessions are caused by monetary policy, which the U.S. Federal Reserve is certainly working on, but it's also caused by increases in unemployment and a cutback in government spending. We're not seeing that, it's the opposite. We're seeing very strong government spending. We're seeing unemployment remain very low,” he said.
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