Canadian Stelco Holdings Inc. net income for the third quarter ended September 30 was $158 million, down approximately 74% year-over-year; $2.33 per diluted share.
The Hamilton-based steelmaker said the challenging third-quarter market conditions expected to continue included lower steel prices and inflationary pressures.
The company's revenue this quarter was $217 million, down 38% from last year and 18% from the second quarter.
The company reported that its revenue decreased due to the 36 percent decline in the average realized price per net ton, as well as the decrease in shipments and sales of non-metallurgical products compared to last year.
However, Executive Chairman and CEO Alan Kestenbaum said that despite inflation and the downward trend in steel prices, the company's shipping volumes increased in the last quarter.
The company stated its forecast for the fourth quarter that lower prices and shorter lead times will continue to weigh on results for the rest of the year.
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