Algoma Steel (ASTL) has reported that its net income for the fiscal fourth quarter plunged 108% from a year earlier due primarily to lower prices for its steel products.
The Sault Ste. Marie, Ontario-based company reported a net loss for fiscal Q4 of -$20.4 million, down sharply from a net profit of $242.9 million a year earlier.
The net loss equaled -$0.19 per share, down from income of $1.45 a share a year ago.
Algoma Steel said its revenue for the quarter ended March 31 of this year totaled $677.4 million, down 28% from $941.8 million a year earlier.
Earnings for the full fiscal year amounted to $298.5 million, down 65% from $857.7 million in the previous fiscal year.
The company said it’s struggling with lower steel prices as well as higher input costs.
Algoma Steel’s stock has declined 17% over the past 12 months to trade at $10.05 per share.
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