Canada’s Algoma Steel Group (ASTL) has reported that its quarterly profit declined 57% to $130.9 million from $301.4 million a year earlier due to lower steel prices and higher input costs.
The Sault Ste. Marie, Ontario-based firm said revenue for the quarter ended June 30 amounted to $827.2 million, down 11% from $934.1 million in the same period of last year.
Earnings per share equated to $0.85 compared to $1.49 a year ago.
Algoma Steel said the disappointing financial results were due to a lower selling price for steel and higher costs for key inputs at its factories.
Operating expenses at the company rose 10% in the quarter to $639.5 million from $576.8 million a year earlier.
Algoma Steel’s stock has declined 23% over the last 12 months to trade at $9.16 per share.
