Essar Steel Algoma posted a solid 2009 fiscal year with a net income of $217.3 million profit despite a tough $3.5 million loss in the fourth quarter.
The privately-owned company's cash flow is calculated by EBITDA, a meaningful indicator of the privately-owned company's profitability. The Sault Ste. Marie steelmaker's 12-month fiscal year ended March 31.
“Careful cost containment and a prudent operating plan enabled us to minimize the loss in the fourth quarter,” said CEO Armando Plastino.
He added the company achieved “exceptional results” with several major capital projects including the restart of its mothballed No. 6 blast furnace, commissioning of a bag house to control emissions from its No. 7 furnace and the start-up of a 70 megawatt co-generation power plant.
The company said higher average selling prices and a greater value-added product mix contributed to this increase.
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