This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Essar Steel Algoma Releases Third Quarter Results And Restates Second Quarter Of Fiscal 2013

SAULT STE. MARIE, ON, Feb. 13, 2013 /PRNewswire/ - Essar Steel Algoma Inc. "ESAI" reported an EBITDA of $9.7 million and a net loss of $25.1 million for the three month period ending December 31, 2012. EBITDA is a meaningful indicator of the Company's profitability.

The results for the three month period reflect the impact of lower selling prices for the Company's products compared to the three month period ending December 2011, offset by higher volumes and lower costs.  As compared to last quarter selling prices decreased by 5.8%, costs decreased by 12.3% and shipments improved by 19.6%. Shipments in the quarter were 655,609 tons, generating $457.1 million in revenue for the period.

The Company has restated and amended the previously reported condensed interim consolidated financial statements for the three and six month periods ended September 30, 2012 to reflect a change in the calculation of depreciation expense given the reassessed remaining useful life of its assets.  The effect of the restatement is a $19 million reduction in depreciation.  The impact of this restatement has no effect on the Company's revenue, EBITDA and cash position.

Chief Executive Officer, Kalyan Ghosh commented on the results, "Despite lackluster steel markets, our commitment to safety and the continued realization of our cost reduction strategies combined to generate improved operating results for the quarter."

Essar Steel Algoma Inc. is based in Sault Ste. Marie, Ontario. Revenues are derived primarily from the manufacture and sale of rolled steel products, including hot and cold rolled sheet and plate.

SOURCE Essar Steel Algoma Inc.

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.58 -1.30%
FB $116.16 -0.49%
GOOG $692.01 0.14%
TSLA $238.94 -3.50%
YHOO $36.32 -0.74%


Chart of I:DJI
DOW 17,716.81 -113.95 -0.64%
S&P 500 2,057.50 -18.31 -0.88%
NASDAQ 4,759.5450 -45.7460 -0.95%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs