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Weak steel markets, blast furnace failure hampers Essar shipments.

Essar Steel Algoma reported a net loss of $64.7 million for the Sault Ste. Marie steel maker's third quarter ending Dec. 31. The company attributes the loss to weakness in steel prices and low shipments due to damage to its No.
Northern Ontario Business Staff

Essar Steel Algoma reported a net loss of $64.7 million for the Sault Ste. Marie steel maker's third quarter ending Dec. 31.

The company attributes the loss to weakness in steel prices and low shipments due to damage to its No. 7 blast furnace last year caused by a mechanical failure.

Shipments for the quarter were down 28 per cent from the previous quarter. Sales were also down at $308.0 million compared to $388.3 million during the previous quarter.

However Essar reports its EBITDA earnings, considered a meaningful indicator of the privately-held company's earnings, were $16.7 million.