Algoma Steel recorded a $116-million loss in the fourth quarter of 2001, closing the books on a near-disastrous year that almost saw Canada's third-largest steel mill reduced to bankruptcy. Despite recording $392.2 million in losses last year, optimistic company officials say the closure of some U.S. steel producers in recent months has contributed to a stronger North American steel market. Beginning in February, Algoma raised the price of sheet and plate by $30 a ton as orders improved in recent weeks, and has announced a further price increase of $30 a ton for hot rolled sheet for April.