Algoma Steel Provides Fiscal Q4 2024 Guidance; Total Steel Shipments Are Expected To Be In The Range Of 445,000-460,000 Tons And Adjusted EBITDA Is Expected To Be In The Range Of C$30M-C$40M
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Algoma Steel Group Inc. (NASDAQ:ASTL) provided fiscal Q4 2024 guidance, expecting steel shipments between 445,000-460,000 tons and Adjusted EBITDA of C$30M-C$40M. An unplanned outage at its blast furnace significantly impacted the quarter's performance. CEO Michael Garcia highlighted the recovery from the January incident, strong demand, rising market prices for Hot Rolled Coil, and the on-schedule Electric Arc Furnace project as key factors for future improvement.
March 25, 2024 | 12:19 pm
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Algoma Steel expects Q4 2024 shipments between 445,000-460,000 tons & Adjusted EBITDA of C$30M-C$40M, despite an outage. The EAF project is on schedule, promising future growth.
The guidance provided by Algoma Steel indicates a recovery and positive outlook despite the recent outage, with strong demand and the Electric Arc Furnace project expected to drive future growth. This positive guidance, coupled with the recovery from the outage and ongoing projects, suggests a likely positive short-term impact on ASTL's stock price.
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