Healthy Operating Profits for Algoma Over the Summer

Algoma has been able to maintain relatively strong production volumes last month despite production contstraints from the stove rebuild project that began for the local steelmaker in July.
Restructuring Court Monitor Ernst and Young in its latest report provides a financial summary that shows favourable steel market conditions has led to fairly strong financial results over the summer months.
Preliminary unaudited financial data in the report shows a 167-million dollar operating profit for the first five months of fiscal 2018 which included operating earnings of 30-million in June, 27-million dollars in July and 29-million in August.
The monitor also supports extending the restructuring deadline and needed financing until the end of March—at that time, the outstanding principal balance of Algoma’s debt financing is expected to be 115-million dollars Canadian.