Though North American steel markets are slowly recovering from the onslaught of foreign dumped steel, Algoma Steel reported in its first-quarter statements that it is still losing money. The Sault Ste. Marie steelmaker, which emerged from bankruptcy protection in January, reported a loss of $4.4 million for February and March, marking the start of operations after restructuring. Sales were $158.3 million. Wage and benefit reductions delivered an operating profit of $3 million, giving company executives hope Algoma may turn a profit as early as the second quarter. They base their optimism on North American steel price increases, trade moves by both the U.S. and Canadian governments to safeguard the industry against foreign dumped steel and a strong order intake expected to continue through the second quarter.
