Algoma Steel slumps after sees Q2 adjusted EBITDA $75M-$80M and decline in shipments amid production shortfall

Sep. 28, 2022 2:00 AM ETAlgoma Steel Group Inc. (ASTL), ASTL:CA, ASTLWBy: Meghavi Singh, SA News Editor11 Comments
  • Algoma Steel (NASDAQ:ASTL) expects Q2 2023 Adjusted EBITDA to be in a range of $75 million to $80 million.
  • Michael Garcia, the company’s CEO, commented, "In the quarter we experienced a production shortfall due to various operational challenges, resulting in a decline in shipments to an estimated 415,000 to 425,000 tons for the quarter."
  • "Amid the challenges faced in the quarter, we continue to see steady demand for our products and are advancing the development and construction of our transformative Electric Arc Furnace project, which remains on time and on budget for a mid-year 2024 start-up."
  • Shares are down 12.4% after-hours.

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