Essar Steel Algoma posted a profit of $26.8 million in its third quarter results.
The privately-owned Sault Ste. Marie sheet and plate producer attributes the gains to higher shipments, higher steel prices and lower costs.
The company staved off bankruptcy last year with a major refinancing effort to tackle a debt of more than $1 billion.
Shipments during the quarter were 618,538 tons, up 4.7 per cent over the same period in 2013.
Compared to 2013, the company reported average realized sales returns improved in the quarter by 15.8 per cent, and by 19 per cent for the nine months ending December 31.
“The recapitalization was a significant and important milestone this quarter,” said company CEO Kalyan Ghosh in a statement. “While we are seeing some near-term softening in market fundamentals, we are confident our balanced product mix and low cost position provide a sound foundation for strategic reinvestment in optimization and growth in the months and years ahead.”
