Essar Steel Algoma posted $211.7 million for the second quarter of its fiscal year.
The privately-owned Sault Ste. Marie steelmaker relies on EBITDA, considered a meaningful indicator of company profitability.
Sales were 11.8 per cent higher than the previous quarter due to the higher steel prices.
Shipments were down slightly from 800,000 tons to 741,000 tons.
Essar reported further net income of $146 million attributable to higher steel prices and improved operating performance, despite a significant increase in raw material prices. The plant makes hot and cold rolled sheet and plate primarily for the auto industry.
"Strong steel prices coupled with consistent improvement in the operating performance have resulted in a very successful quarter," said COO Armando Plastino in a Nov. 11 statement.
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