Essar Steel reports loss but remains upbeat
Feb 14, 2014 | 06:11 PM
| 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....
To access AMM's full content, please log in below. If you do not have an AMM account, we invite you to take a free trial or subscribe below.
Already a registered amm.com user?
Access to amm.com editorial content is granted only to paid subscribers and trialists. If you do not have an active account in your own name, please either subscribe or take a trial and you will have instant access to amm.com content. Sharing your login credentials with individuals who are not subscribers represents a violation of AMM copyright.
Every morning, every minute no matter how often you follow the markets, there's an AMM subscription to fit your needs.
Not sure if you are ready to invest in a subscription right now? Take a free, no-obligation trial. Start your free trial today.