Algoma quarterly steel shipments to fall

Canadian integrated steelmaker Algoma Steel expects its shipments to fall in its most recent quarter.

The Ontario company estimates it will ship 455,000 short tons in the third quarter of fiscal year 2023, which ended on 31 December. That would be down by 18pc compared with the 552,500st shipped in the same period a year earlier.

Algoma chief executive Michael Garcia pointed to lower than expected steel plate shipments, lower steel pricing and planned maintenance ahead of winter as reasons why shipments fell.

Garcia added that Algoma's plate mill has resumed normal production levels and expects to have higher shipment rates in calendar 2023. The plate mill had production issues as its first phase of modernization upgrades were delayed in 2022.

By Rye Druzin