Algoma Steel Group Inc., a renowned Canadian producer of hot and cold rolled steel sheet and plate products, has released its fiscal year 2022 results.
On a year-over-year basis, the company's consolidated sales climbed by 112% to USD 3.8 billion.
The operating income was USD 1.41 billion, up from USD 84.8 million in the previous fiscal year. An rise in the selling price of steel was largely responsible for the increase, which was somewhat offset by increases in the purchasing price of inputs such as iron ore, scrap, and alloys, as well as increases in employee profit sharing.
Adjusted EBITDA for the whole year was USD 1.5 billion, up from USD 199.2 million the year before.
Steel realized an average price of USD 1,545 per ton, net of freight and non-steel income, increasing 101.2 percent from USD 768 per ton the previous year. Steel goods sold at a cost of USD 857 per ton, up 32.7 percent from USD 646 the previous year.
Shipments climbed by 9.3% to 2.2 million tons for the year.
Algoma is a fully integrated manufacturer of hot and cold rolled steel products based in Sault Ste. Marie, Ontario, Canada, with an annual crude steel production capacity of 2.8 million tons.
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