Sept. 28, 2023<\/p>\n
Algoma Steel Group Inc., a leading Canadian producer of hot and cold rolled steel sheet and plate products, today provided guidance for its fiscal second quarter ending September 30, 2023. Unless otherwise specified, all amounts are in Canadian dollars.<\/p>\n
Fiscal 2024 second quarter total steel shipments are expected to be in the range of 540,000 to 550,000 tons and Adjusted EBITDA is expected to be in the range of $75 million to $85 million.<\/p>\n
Michael Garcia, Algoma\u2019s Chief Executive Officer commented, \u201cOur operations have run in line with our expectations in the fiscal second quarter. Our Plate Mill modernization project reached a key milestone, as we commenced cold commissioning and ran trial plates through our heavy gauge inline shear. Hot commissioning continues and an expected ramp towards higher plate production is planned for the end of the calendar year.\u201d<\/p>\n
\u201cWe are closely monitoring the evolving United Auto Workers union\u2019s work stoppages at\u00a0certain North American auto manufacturing facilities and the impact they are having on steel\u00a0markets, including lower than expected realized pricing for recent steel shipments. In the meantime, we expect to perform our normal annual steel making vessel reline, along with other planned seasonal maintenance during the fiscal third quarter. On the\u00a0Electric Arc Furnace (EAF) project, work has advanced as expected during the quarter, with\u00a0additional scope committed and priced as we continue to de-risk the project and work\u00a0towards our expectation of a late calendar 2024 commissioning,\u201d Mr. Garcia concluded.<\/p>\n","protected":false},"excerpt":{"rendered":"
Sept. 28, 2023 Algoma Steel Group Inc., a leading Canadian producer of hot and cold rolled steel sheet and plate products, today provided guidance for its fiscal second quarter ending September 30, 2023. Unless otherwise specified, all amounts are in Canadian dollars. Fiscal 2024 second quarter total steel shipments are expected to be in the …<\/p>\n","protected":false},"author":58,"featured_media":35858,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[47],"tags":[],"class_list":["post-62785","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"publishpress_future_action":{"enabled":false,"date":"2026-04-30 03:01:47","action":"change-status","newStatus":"draft","terms":[],"taxonomy":"category","extraData":[]},"publishpress_future_workflow_manual_trigger":{"enabledWorkflows":[]},"_links":{"self":[{"href":"https:\/\/wawa-news.com\/index.php\/wp-json\/wp\/v2\/posts\/62785","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wawa-news.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wawa-news.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wawa-news.com\/index.php\/wp-json\/wp\/v2\/users\/58"}],"replies":[{"embeddable":true,"href":"https:\/\/wawa-news.com\/index.php\/wp-json\/wp\/v2\/comments?post=62785"}],"version-history":[{"count":1,"href":"https:\/\/wawa-news.com\/index.php\/wp-json\/wp\/v2\/posts\/62785\/revisions"}],"predecessor-version":[{"id":62786,"href":"https:\/\/wawa-news.com\/index.php\/wp-json\/wp\/v2\/posts\/62785\/revisions\/62786"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wawa-news.com\/index.php\/wp-json\/wp\/v2\/media\/35858"}],"wp:attachment":[{"href":"https:\/\/wawa-news.com\/index.php\/wp-json\/wp\/v2\/media?parent=62785"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wawa-news.com\/index.php\/wp-json\/wp\/v2\/categories?post=62785"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wawa-news.com\/index.php\/wp-json\/wp\/v2\/tags?post=62785"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}