Algoma Steel Group earnings, revenues down year-over-year in the first quarter

SAULT STE. MARIE, Ont. – Algoma Steel Group Inc. says it earned $130.9 million in its first quarter, down from $301.4 million a year earlier.

The firm says revenue for the quarter ended June 30 was $827.2 million, down from $934.1 million last year.

Earnings per diluted share were 85 cents, down from $1.49 a year ago.

CEO Michael Garcia says the results were modestly ahead of the company’s previously disclosed outlook.

The company says the lower income was due primarily to a lower selling price for steel and higher costs for key inputs.

Operating expenses rose in the first quarter to $639.5 million from $576.8 million.

This report by The Canadian Press was first published August 10, 2023.

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