Algoma Steel Group Inc. produces plate and sheet steel in Canada, with common shares traded on Nasdaq and the TSX under ASTL. Company news centers on steel shipments, revenue, Adjusted EBITDA, financial guidance, and the operating shift from blast furnace and coke oven production to electric arc furnace steelmaking.
Recurring updates also cover Volta, Algoma's brand for steel produced through its EAF technology, the modernized plate mill, and supply relationships tied to energy, defense, automotive, shipbuilding, infrastructure, and construction markets. Corporate news includes completed government financing, common-share warrant issuance, and defence-oriented partnerships such as Roshel Algoma Defence for ballistic steel production.
Algoma Steel Group (NASDAQ: ASTL) announced its fiscal fourth quarter and full year 2024 financial results. For Q4, the company reported consolidated revenue of $620.6 million, a decrease from $677.4 million in the prior-year quarter. Net income was $28.0 million, compared to a net loss of $20.4 million in the prior-year quarter. Adjusted EBITDA was $41.5 million, down from $47.9 million. Full year revenue for fiscal 2024 was $2,795.8 million, with a net income of $105.2 million and Adjusted EBITDA of $312.7 million.
Algoma's operational highlights include the completion of phase two of the plate mill modernization project and the continued development of the Electric Arc Furnace (EAF) project. The company also issued US$350 million in Senior Secured Second Lien Notes to strengthen its balance sheet. Despite a challenging quarter due to a blast furnace shutdown, Algoma reaffirmed its transformative EAF project outlook and improved liquidity.
Algoma Steel Group has appointed Erin Oliver as Vice President - Health and Safety, a new role within the company. Erin, a seasoned professional from Sault Ste. Marie with over 25 years of experience in various sectors, will report to CEO Mike Garcia and join the senior leadership team. Her expertise and proven track record in enhancing safety culture will support Algoma's transformation into a leader in green steel. CEO Michael D. Garcia emphasizes that this appointment underscores Algoma's commitment to safety. Erin expressed her enthusiasm to contribute to Algoma's health and safety initiatives.
Algoma Steel, a major Canadian producer of hot and cold rolled steel sheet and plate products, will release its fiscal 2024 fourth quarter and full-year financial results on June 20, 2024, after market close. The company will host a webcast and conference call on June 21, 2024, at 11:00 a.m. Eastern Time to review the results, discuss recent events, and hold a Q&A session. Investors can access the live webcast and replay on Algoma's website or join the conference call by dialing the provided domestic and international numbers and requesting to join the Algoma Steel Fiscal Fourth Quarter and Full Year Conference Call.
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