Rising imports and a slow economy resulted in a second-quarter loss of $47.8 million for Sault Ste. Marie-based steelmaker Algoma Steel Inc.

The steelmaker reported a loss of 89 cents a share in the second quarter, compared with a profit of two cents a share in last year's second quarter. Sales in the second quarter dropped 24 per cent to $230.9 million from $304.6 million.

The company is continuing negotiations with creditors and shareholders on a restructuring plan after filing for bankruptcy protection in the spring.

Officials say the plan is expected to be filed with the court in late August.