Algoma blames earnings dip on lower prices

Nov 03, 2005 | 09:51 AM |

Canadian steelmaker Algoma Steel Inc., Sault Ste. Marie, Ontario, blamed lower steel prices for a 74.7-percent drop in third-quarter net income to Canadian $30.8 million ($26.2 million) on sales that slipped 16.7 percent to C$446.4 million ($378.8 million) from the same period last year.

ALGOMA STEEL INC.(in thousands except per share) 200520043rd qtr. ended Sept. 30Net sales$446,400$535,700Net income$30,800$121,600Per share0.773.009 months ended Sept. 30Net sales$1,440,000$1,313,300Net income$184,600$221,600Per share4.585.77In Canadian dollars.The company said higher production costs also were a factor.....

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