Canada-based steel producer, Algoma Steel, has announced guidance for its fiscal second quarter ending September 30, 2024, of the fiscal year 2024-25.
Fiscal 2025 second quarter total steel shipments are expected to be in the range of 510,000 to 520,000 tons. Adjusted EBITDA is expected to be in the range of $5 million to negative $5 million which includes the initial recovery of insurance proceeds estimated at approximately $20 million.
Michael Garcia, Algoma's CEO, said, "Our operations are performing in line with expectations for the fiscal second quarter, despite operating against a backdrop of challenging market conditions for steel demand and pricing. Operationally we are well-positioned to capitalize on opportunities as market fundamentals improve and demand rebounds. Importantly, we remain on track with our Electric Arc Furnace project with commissioning activities expected to begin by calendar year-end. This milestone will mark the beginning of Algoma Steel's transformation into one of the most environmentally sustainable steel producers in North America."
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