Tree Island Steel (TSE:TSL) has released an update.
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Tree Island Steel reported a significant decline in their first quarter 2024 financial results with revenues dropping by $18.7 million to $56.6 million compared to the same period last year, attributed to decreased shipping volumes and narrower profit margins. Gross profit also fell sharply to $4.8 million from $11.8 million in Q1 2023, while adjusted EBITDA saw a decrease to $3.1 million from the previous year’s $9.8 million. COO Nancy Davies cited slower demand and inventory control by customers, as well as environmental, regulatory, and trade challenges as factors necessitating careful management to sustain operations.
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