Algoma Steel highlighted that its electric arc furnace project is progressing as planned despite the difficulties and has not exceeded the defined budget limits. Algoma CEO Michael Garcia said that operations in the third quarter of the fiscal year were in line with expectations.
Steel shipments, however, are expected to decline during this period. The company expects a total steel shipment volume of 515,000 metric tons, lower than the 548,998 metric tons recorded in the previous quarter, Garcia assessed the third quarter of the fiscal year, focusing in particular on seasonal maintenance activities such as the renovation of its furnace.
Progress on the electric arc furnace project, one of the company's strategic initiatives, reflects Algoma Steel's commitment to strengthening its technological capabilities, in addition to staying on budget, he said. Algoma Steel remains determined to keep adapting to changing market conditions and overcome the challenges in the industry.
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