Higher steel prices and reduced operating costs helped Algoma Steel Inc. achieve a third-quarter profit of $28.6 million or $1.20 per share, the company announced this morning.
However, President and Chief Executive Officer Denis Turcotte is cautioning that the current performance level won't be achieved in the fourth quarter.
"Shipments in the fourth quarter are expected to decline to approximately 475,000 tons from third quarter shipments of 552,000 tons due primarily to the blast furnace shutdown," the company said in a news release.
To read detailed excerpts from today's third-quarter announcement, please click here.
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