Essar Steel Algoma falls into red again in qtr.

Nov 14, 2013 | 09:32 AM | Catherine Ngai

Tags  Essar Steel Algoma, Kalyan Ghosh, steel, steel sheet, steel strip, steel plate, Catherine Ngai

NEW YORK — Essar Steel Algoma Inc. swung to its seventh consecutive quarterly loss, but broke even on a pre-tax basis due to cost improvements coupled with higher sales and shipping rates, the company said Nov. 12.

The Sault Ste. Marie, Ontario-based steelmaker posted a net loss of Canadian $110.1 million ($105 million) for its fiscal second quarter ended Sept. 30, widening 40.6 percent from a $78.3-million net loss in the same period last year, despite sales that rose 13 percent to C$464.4 million ($442.8 million)....

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