Algoma Steel reports Q3 EPS (64c), consensus (46c)

Reports Q3 revenue $567.8M, consensus $510.22M. CEO Michael Garcia commented, "I have been disappointed by the level of production and shipments in the last two quarters. As such, my management team and I have been laser-focused on rectifying these shortfalls and we believe the challenges experienced over the prior quarters are now largely behind us, and our facilities are returning to normal production levels. Our fiscal third quarter shipments were in line with our previously disclosed guidance. We are also encouraged by the recent rebound in North American hot rolled coil steel prices and continued robustness in plate pricing, which are supported by forward curves reflecting an expectation of stability as global demand recovers. We have invested strategically to capture market upside opportunities and continue to focus on the next chapter of our company as we transition to electric arc steelmaking. We expect calendar 2023 to be more in line with our historical production levels. Our transformation to electric arc steelmaking is progressing as expected and we will maintain our relentless focus on creating long-term value for all of our stakeholders".