Algoma Steel announces billion dollar quarter – .

Algoma Steel announces billion dollar quarter – .

Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) announced tonight that it generated $ 1.01 billion in revenue from normal trading activities in its second quarter.

This is an increase of 168 percent from the $ 377 million collected in the same quarter last year.

Steel revenue was $ 936.5 million, up 179% from $ 335.3 million from the same period in 2020.

Earlier today, the Sault steelmaker announced that its board of directors has agreed to replace its existing blast furnaces and basic oxygen steelmaking operations with two new electric arc furnaces (EAFs) at the cutting edge of technology.

The transition is expected to cost C $ 700 million and construction will take 30 months with the new furnaces going into service in 2024.

In preparation for the FAEs, Algoma is partnering with regional universities to create a multigenerational support system to provide new skills to current Algoma employees and to create career paths for the region’s youth in the fields of science, technology, engineering and mathematics (STEM). and trades for tomorrow’s advanced manufacturing jobs, ”the company said.

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