Algoma Steel Posts Narrower Q3 Loss of C$129.6 Million as Revenue Slides 52.4%

Algoma Steel Inc. (ALGOF.PK) reported a third-quarter loss of C$129.6 million, or C$1.18 per share, narrowing from a loss of C$485.1 million, or C$4.46 per share, a year earlier. Revenue for the period fell 52.4% to C$249.4 million from C$523.9 million last year, according to the company's GAAP results. The Sault Ste. Marie, Ontario-based steelmaker's results reflect a sharp year-over-year contraction in sales alongside a reduced bottom-line deficit.