Are you confused by the way our steel mill reports its financial information?
If so, you aren't alone.
Earlier this evening we told you that Algoma Steel Group Inc. had reported a net loss of $106.6 million during its 2025 fiscal second quarter.
But it's still 2024, and they're already halfway through 2025?
To keep us on our toes, the company tonight announced it's further tweaking its fiscal calendar.
Here's what they said in a news release:
The company today announced that its board of directors has approved a change in Algoma’s fiscal year
end from March 31 to December 31.
This change is being made to better align Algoma’s reporting calendar with other companies in the industry.
Algoma’s current fiscal year will end on December 31, 2024, resulting in a nine-month reporting period from April 1, 2024 to December 31, 2024.
Algoma plans to provide reclassified historical financial information in the first quarter of 2025 to assist investors in evaluating the impact the change in fiscal year will have on the reported annual operating results for the years ending December 31, 2023 and 2024.