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Essar Steel Algoma Reports Results for 1st Quarter of Fiscal 2011
Aug. 16, 2010 Essar Steel Algoma reported a net income of $39.7 million on sales of $475.7 million for the quarter ended June 30, 2010, the first quarter of fiscal 2011.
The net income, which the company attributes primarily to higher sales volumes and higher steel prices, compares to a net loss of $68.4 million in the previous quarter (ended March 31, 2010), and a net loss of $143.0 million in the year-ago first quarter.
Sales of $475.7 million compare to sales of $464.8 million for the previous quarter and sales of $248.3 million for the year-ago first quarter.
The company reported EBITDA earnings, excluding exceptional items, of $61.9 million, which compares to EBITDA of $24.8 million in the previous quarter, and an EBITDA loss of $19.2 million for the year-ago first quarter.
Shipments were 612,914 tons, representing a 54% increase from the same period in the prior year.
A member of the Essar Group, Essar Steel Algoma Inc. is based in Sault Ste. Marie, Ont. As a fully integrated steel producer, the company derives its revenues primarily from the manufacture and sale of hot and cold rolled steel products including sheet and plate.