Sault Ste. Marie's Essar Steel Algoma reported a profit of $38.1 million for its fiscal year ending March 31.
The Indian-owned company attributes the annual results to increased steel volumes, higher selling prices, a favourable product mix, and lower costs.
“Our strengthening product mix and enhanced operating reliability enabled us to perform favourably within the improved market environment this year,” said Essar Steel Algoma's CEO Jim Hrusovsky in a June 11 statement.
Shipments for the year were up 8.9 per cent over the previous year with posted sales for the fiscal year of more than $2.1 million.
.jpeg;w=120;h=80;mode=crop)
