Algoma Steel anticipates a loss of between $55 million to $65 million on its upcoming quarter.
In a Jan. 2 news release, the Sault Ste. Marie plate and sheet producer provided guidance, or its best guess estimate, on its upcoming earnings.
Steel shipments are expected to be in the range of 545,000 to 550,000 tons.
Considering Algoma incurred a $106.6 million loss in its second quarter, CEO Michael Garcia is confident about the future.
"Despite market headwinds, our results for the quarter demonstrated solid operational execution, particularly in our plate business where production continued on its upward trajectory. While macroeconomic uncertainties persist in the steel sector, we remain positioned to capitalize on improving fundamentals as conditions normalize."
In putting the finishing touches on its two electric arc furnace project, Garcia said they are in the early stages of putting its new steelmaking platform through its paces with the start of cold commissioning, which means doing startup testing before a system is connected to a major power supply and energized.
Despite some wicked snowy weather in the Sault in late November and early December, Garcia said they aren’t expecting any delay in delivering first steel production through these furnaces by the end of the first quarter.