Eight months after restructuring, Sault Ste. Marie's Algoma Steel posted a $21.6-million second-quarter profit for the period ending June 30.
Higher steel prices, increased shipments and lower operating costs were the reasons cited for the rebound from a $47.8-million first-quarter loss.
Company officials are expecting strong markets to continue through the third quarter with further improvement predicted in steel prices, based on increases in sheet and plate products.
However, they are not as optimistic about the fourth quarter in light of an adverse Canadian International Trade Tribunal (CITT) finding. The CITT's safeguard investigation into imported hot rolled steel did not find any injury suffered to Algoma. The company says it will continue to closely monitor the volume and price of those imports.
