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May 26, 2023

Pricing issues dilute earnings at Algoma Steel

The significant drop in income from operations was explained in a company news release as "primarily due to a decrease in the selling price of steel, higher costs due to increases in the purchase

The significant drop in income from operations was explained in a company news release as "primarily due to a decrease in the selling price of steel, higher costs due to increases in the purchase price of key inputs such as metallurgical coke, coal and ore pellets and higher usage of purchased coke."

"Net income in the first quarter was $130.9 million, compared to net income of $301.4 million in the prior-year quarter," the company said, adding: "The decrease was driven primarily by the factors described above under income from operations."

— SooToday

— SooToday