Algoma Steel Says Operations Ran In Line With Its Expectations During Q3; UAW Strike-Driven Soft Demand And Pricing In Previous Quarter And Through October Impacted Q3 Results
Portfolio Pulse from Benzinga Newsdesk
Algoma Steel reported that its operations during Q3 ran as expected. However, the company faced soft demand and pricing issues due to a UAW strike in the previous quarter, which continued to impact results through October. The company expects total steel shipments for the fiscal 2024 third quarter to be approximately 515,000 tons, with Adjusted EBITDA ranging from a loss of $10 million to breakeven.
January 03, 2024 | 10:33 pm
News sentiment analysis
Sort by:
Descending
NEGATIVE IMPACT
Algoma Steel expects Q3 shipments of 515,000 tons and Adjusted EBITDA between a $10 million loss and breakeven, influenced by a UAW strike that caused soft demand and pricing issues.
The news indicates that Algoma Steel has been negatively affected by the UAW strike, leading to soft demand and pricing challenges. This has likely resulted in less favorable financial results for the quarter, which could negatively impact investor sentiment and the stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100