Stelco Holdings (STLC) reported that its third-quarter net income fell 74% from a year ago as global steel prices continue to slump.
The Hamilton, Ontario-based steelmaker announced that its net income for the quarter ended September 30 was $158 million, or $2.33 per share.
Revenue in Q3 amounted to $217 million, down 38% from last year and down 18% from this year’s second quarter.
Stelco said it continues to operate in a challenging environment due to low steel prices and ongoing inflationary pressures.
The company said its Q3 earnings were hurt by a 36% decline in the average selling price per net ton of steel, as well as lower shipping volumes and lower non-steel sales.
Stelco reaffirmed its fourth-quarter guidance that lower steel prices and shorter lead times will continue to negatively impact its earnings.
Stelco’s stock is up 1% this year at $40.35 per share.
