saultstar.com reported that Essar Steel Algoma Inc remains in the grips of darkness in the global economy.
Sault Ste Marie based steelmaker declared a nearly CAD 123 million loss for the second quarter of fiscal 2009 - 2010, a three-month period running July 1st through September 30th 2009.
The net loss for the quarter CAD 122.8 million, is unofficially the second largest three month financial loss in the 107 year history of steel manufacturing in the Sault, surpassed by only the CAD 143 million loss in the first quarter, April 1 through June 30.
Even during the darkest moments of it’s most recent restructuring, when then Algoma Steel Inc bled CAD 393 million in 2001, the worst three month setback was a CAD 116 million Q4 loss.
The loss is primarily attributable to lower steel prices, the impact of a nearly CAD 72 million foreign exchange losses and blast furnace failure late in the quarter.
Mr Armado Plastino CEO of Essar Algoma said “We have weathered these challenging economic conditions and we will continue to focus on positioning the company to take advantage of future improvements in the steel markets.”
(Sourced from www.saultstar.com)
