Essar Steel Algoma posts another quarterly loss

Nov 14, 2012 | 03:12 PM | Chris Prentice

Tags  Essar Steel Algoma, steel sheet, steel plate, flat-rolled steel, earnings, Chris Prentice

NEW YORK — Essar Steel Algoma Inc. has posted its third consecutive quarterly loss due to a combination of falling product prices, declining shipments and rising costs.

The flat-rolled steel producer reported a net loss of Canadian $88.4 million ($88.13 million) for its fiscal second quarter ended Sept. 30 in contrast to net income of $73.7 million in the same period last year on sales that slid 27.1 percent to C$410.9 million ($409.61 million). Sales volumes were down due to a weaker market and problems with a new computer system, which "created problems with the ability to....

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