'In the quarter we experienced a production shortfall due to various operational challenges, resulting in a decline in shipments to an estimated 415,000 to 425,000 tons,' says Garcia
Algoma Steel Chief Executive Officer Michael Garcia outlined the company's second quarter results saying "Our projected fiscal second-quarter results largely reflect previously disclosed operational challenges, as well as the continued decline in prices for our finished products, both of which had a negative impact on overall profitability.” — Algoma Steel Group Inc.
Fiscal second quarter 2023 Adjusted EBITDA is expected to be in a range of $75 million to $80 million. Michael Garcia, the Company’s Chief Executive Officer, commented, “Our projected fiscal second-quarter results largely reflect previously disclosed operational challenges, as well as the continued decline in prices for our finished products, both of which had a negative impact on overall profitability.”
Mr. Garcia continued, “In the quarter we experienced a production shortfall due to various operational challenges, resulting in a decline in shipments to an estimated 415,000 to 425,000 tons for the quarter. The most significant of these challenges was the previously disclosed plate mill modernization commissioning delay. Additionally, volume through our direct strip production complex was negatively affected by production shortfalls mainly due to temporary workforce availability events.
“Amid the challenges faced in the quarter, we continue to see steady demand for our products and are advancing the development and construction of our transformative Electric Arc Furnace project, which remains on time and on budget for a mid-year 2024 start-up. Additionally, we are pleased to have reached a labour agreement with our unionized workforce that provides labour security for the next five years.
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.
Open audition for It's a Wonderful Life coming soonThe Algoma Repertory Theatre is looking to cast residents of Bedford Falls for their Christmas production
Read more »
Retail group urges Ottawa to cut taxes for tourists'The international context and the closing of borders have exacerbated an already serious issue of declining tourist spending in Canada,' says Jean-Christophe Bedos, president and CEO of Birks Group.
Read more »
New training funds to help those who need hand up, McNaughton saysThe province says it will spend $90 million to \u0022upskill\u0022 workers who face the biggest challenges when looking for jobs.
Read more »
New training funds to help those who need hand up, McNaughton saysThe province says it will spend $90 million to \u0022upskill\u0022 workers who face the biggest challenges when looking for jobs.
Read more »
Inside Innovation: Canada has what it takes to produce ‘green steel.’ Will it? - constructconnect.com - Daily Commercial NewsPressure is being exerted on steel manufacturers to clean up their carbon act. It’s a big challenge since steelmaking is a very carbon-intensive industry. One metric tonne of steel produces 1.85 metric tonnes of CO₂ emissions. Overall, steel production ac
Read more »