Tree Island Steel (TSE:TSL) has released an update.
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Tree Island Steel reported a significant decrease in both quarterly and annual financial results for 2023, with year-end revenues down by $98.9 million and Adjusted EBITDA dropping from $55.9 million in 2022 to $21.5 million. The declines are attributed to lower steel prices, market challenges, and reduced shipment volumes following the closure of their Etiwanda facility. Despite these setbacks, the company remains hopeful for demand recovery and has completed capital equipment installations to boost future production capabilities.
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