Canada's Algoma Steel Q2 revenue falls
ASTL•Result drivers
- Record plate sales — Co said it achieved a second consecutive quarter of record plate sales as it pivots to a plate-first strategy
- Insurance settlement — Q2 results included a C$45 mln final insurance settlement related to the January 2024 utility corridor incident
- Higher realized prices — Average net sales realization per ton rose 20% yr/yr, reflecting improved product mix under the plate-first strategy
Outlook for EAF ramp-up
- Company expects second EAF unit to begin steel production in Q3 2026
- Algoma expects plate production to increase as EAF ramp-up progresses through 2026
- Company projects excess fixed costs to be eliminated by Q4 2026 as EAF ramp-up completes
Analyst coverage and related reads
- The one available analyst rating on the shares is "hold"
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