Canadian steel producer Stelco Holdings (STLC) has reported disappointing fourth-quarter earnings that showed its net income fell 96% year-over-year to $23 million.
The Hamilton, Ontario-based company’s Q4 net income was down 85% from the previous third quarter.
Stelco’s revenue during Q4 came in at $674 million, down 20% from the previous quarter and 43% lower than a year ago.
Stelco said its earnings per share (EPS) during the latest quarter amounted to $14.64, down 23% from $19.08 a year earlier.
And the company’s profit margin of 29% was down from 39% in the fourth and final quarter of 2021.
Stelco blamed the poor results on multiple headwinds that include lower sales prices, shorter lead times, and higher input costs.
Stelco’s stock has risen 48% over the last year to trade at $52.86 per share.
