Stelco Holdings Inc. says its net loss almost doubled to $47 million in the fourth quarter as revenues dropped due to a blast furnace upgrade.
The Hamilton-based steelmaker says it lost 53 cents per diluted share, compared with a loss of 27 cents per share or $24 million a year earlier.
Adjusted profits increased to $45 million or 15 cents per diluted share, compared with a loss of $13 million or 15 cents per share in the fourth quarter of 2020.
Revenues decreased three per cent to $424 million from $435 million in the prior year’s quarter as shipping volume fell 23 per cent while average selling prices climbed 10 per cent to $728 per ton.
Stelco was expected to earn 31 cents per share in adjusted profits on $465 million of revenues, according to financial data firm Refinitiv.
For the full-year, Stelco lost $159 million or $52 million on an adjusted basis on $1.52 billion of revenues. That compared with a $20-million profit and $42-million adjusted profit on $1.84 billion of revenues.
“Our end-markets are very strong as the broader economy and our key markets continue to grow and diversify,” stated executive chairman and CEO Alan Kestenbaum.
“Stelco is positioned to capitalize on emerging opportunities, in particular in the electric vehicle market, with increased capacity to produce a full suite of products in response to market demands.”
The Canadian Press