Essar Steel reports loss but remains upbeat

Feb 14, 2014 | 06:11 PM | Catherine Ngai

Tags  steel, Essar Steel Algoma, Kaylan Ghosh, hot-rolled, plate, earnings report, steel plate, steel sheet Catherine Ngai

NEW YORK — Essar Steel Algoma Inc. logged its eighth consecutive quarter in the red in its fiscal third quarter due to lower production rates, continued margin compression and increased fixed costs.

However, the Sault Ste. Marie, Ontario-based sheet and plate producer said that changes in its raw materials contract and strategic changes will help its bottom line.

"In the months ahead we expect reduced costs as benefits from our new iron ore contract materialize. When combined with the recent strategic additions to our management team and plans to improve productivity by a further 10 to 15 percent, we are confident in our ability to realize a further $50-per-ton cost reduction over the coming quarters," chief executive officer Kalyan....

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