SAULT STE. MARIE, Ont. – Algoma Steel Group Inc. reported a net loss of $66.5 million in its third and final quarter last year, compared with a loss of $84.8 million a year earlier.
The Sault Ste. Marie, Ont. company changed the end of its fiscal year from March 31 to December 31, resulting in a nine-month fiscal year in 2024.
Algoma says revenues for the quarter were $590.3 million, rising from $615.4 million a year earlier.
Net loss per diluted share was 61 cents, down from net loss of 78 cents.
CEO Michael Garcia says the tariffs enacted Wednesday by U.S. President Donald Trump on aluminum and steel add further uncertainty to the market, but the company is confident that governments will step in to support the industry.
Garcia said the company believes “rational dialogue” will prevail between Canada and the U.S. to restore normal steel trade.
This report by The Canadian Press was first published March 12, 2025.
Companies in this story: (TSX:ASTL)
