Algoma results hurt by blast furnace outage

Nov 26, 2007 | 03:13 PM |

A blast furnace outage and lower steel prices impacted Algoma Steel Inc.'s third-quarter financial results.

Algoma posted a net loss of Canadian $30.8 million ($31.2 million) for the three months ended Sept. 30 on sales that fell to $368.5 million ($373.1 million).

The company didn't issue figures for the first nine months of the year as a result of its takeover by Essar Steel Holdings Ltd., but the results from April 12 through Sept. 30 showed a net loss of C$18.6 million ($18.8 million) on sales of C$418.9 million ($424.2 million). It also listed earnings of C$78.9 million ($79.9 million) from Jan. 1 to June 19 for the predecessor company on sales of C$911.4 million ($922.9 million). For the first nine months of last year, the predecessor company posted net....

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