Why Shares Of Canadian Steel Company Algoma Are Soaring

Algoma Steel Group Inc. ASTL shares are trading higher after the company reported fourth-quarter sales results up from last year.

Algoma Steel Group Reported fourth-quarter sales $941.8M CAD, up from $638.5M CAD year-over-year. As compared with the prior-year quarter, steel revenue was $879.9 million, up 50.2% from $585.6 million, and revenue per ton of steel sold was $1,721, up 67.6% from $1,027.

Michael Garcia, the Company’s Chief Executive Officer, commented, “Our strong results for the fiscal fourth quarter capped off an incredible year at Algoma, one that produced record revenues, profitability and cash flows. Relentless execution by the entire team delivered these strong results across what was truly a tumultuous year for both steel and raw material markets.”

Algoma Steel Group Inc is a Canadian company that produces clean and consistent light gauge steel in North America, offering a range of hot and cold rolled steel sheet and plate products.

ASTL Price Action: Algoma Steel Group Inc, has traded between $13.65 and $7.75 over a 52-week period.

The stock was trading about 21.5% higher at $9.60 per share on Wednesday at the time of publication.