ASTL - Algoma Steel rallies on record performance in Q4 led by rising steel prices

Algoma Steel (NASDAQ:ASTL) garnered 15.4% in early premarket trade after Q4 saw a significant revenue growth (+47.5% Y/Y) and FY reported a record full year revenue, adj. EBITDA and free cash flow performance. Q4 consolidated income from operations stood at $310.6M compared to $130M in prior year quarter led by increase in the selling price of steel, partially offset by an increase in the purchase price of inputs, including iron ore, scrap and alloys. Net income stood at $242.9M compared to $100.1M in prior year quarter. Cash flows generated from operations of $443.8M, compared to $133.9M in the prior-year quarter; for FY, cash flows generated from operations stood at $1,263.4M compared to $8.1M the prior-year. The company paid its first ever quarterly dividend of $0.05/share, payable on July 15, 2022. "Our transformational electric arc furnace project is advancing as planned towards a 2024 startup, and today we are announcing the

For further details see:

Algoma Steel rallies on record performance in Q4 led by rising steel prices