Algoma Steel reports Q2 EPS ($1.02), consensus (55c)

Reports Q2 revenue $589.7M, consensus $575.97M. Michael Garcia, the Company’s CEO, commented, “The Q2 was a pivotal period for Algoma, during which we completed the preparations for our first production of Volta-Algoma’s trademarked green steel. This milestone was realized in early July with the successful production of our inaugural steel in the first of our two state-of-the-art EAFs. While we delivered operational results for the quarter that were in line with our expectations, our financial performance continued to be impacted by ongoing tariff uncertainty and persistent weak steel market demand and pricing pressures. The uncertain market environment has created headwinds for shipments and pricing across the industry, but we remain focused on executing our strategic transformation.”