Sault Ste. Marie steel producer, Essar Steel Algoma, posted a $14.2 million net loss for its third quarter ending Dec. 31, 2008.
The privately-owned Indian company attributes it to lower steel prices and production volumes, and $96.6 million in inventory write-downs because of the world economic crash.
The results completed Essar Algoma's fiscal year at $220 million in profits, mosty through the first nine months of 2008.
The company's entire 3,500 employee workforce was put on layoff notice last October because Essar Steel's order book suddenly dried up.
In the meantime, FedNor and Industry Canada Minister Tony Clement escaped the clamour of almost 700 unemployed Xstrata miners in Sudbury to meet with Essar's senior executives at their Mumbai headquarters to talk about Canadian investment opportunities.
In a Feb. 18 release, Clement said talked about possibilities about their future business and to deliver the message that Canada is "a great place to invest.
"I look forward to taking some of the issues that Essar and I discussed back to (Sault) Mayor (John) Rowswell."
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