ASTL - Algoma Steel says output to continue at reduced rate after coke conveyor fire

Algoma Steel ( NASDAQ: ASTL ) said after Tuesday's market close that a fire occurred August 7 at its Ontario mill on one of its coal conveyors that supplies coal to two of its three coke batteries.

Algoma Steel ( ASTL ) said it expects to continue iron and steelmaking operations at a reduced rate while the damage is repaired, and believes it has sufficient coke inventory and supply contracts for purchased coke to support steelmaking operations.

The company said it is continuing to assess the damage and complete repair plans.

Algoma Steel ( ASTL ) recently reported FQ1 GAAP earnings of C$1.49/share on C$934M in revenues .

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