Algoma expects profits to dip on lower fourth quarter prices

摘要

Algoma Steel Inc turned a profit in the third quarter; but will probably face an earnings downturn in the fourth quarter due to weakening sheet steel prices ano a blast furnace maintenance outage that was completed this month. The Sault Ste Marie, Ontario, steelmaker posted net income of 28.6 million Canada dollars for the third quarter in contrast to a net loss of 61.9 million Canada dollars in the same period last year on a 29.3 percent increase in sales. Shipments were up 9 percent to 552,000 tons.