ASTL - Algoma Steel sees sequential shipments decline in Q4

Algoma Steel Group (NASDAQ:ASTL) expects 4Q22 shipments to be in a range of 540,000 to 550,000 tons, slight sequential decrease is largely due to challenges across the logistics supply chain and COVID-related impacts. Q4 Adjusted EBITDA to be in a range of CAD$310M to CAD$320M. The fourth quarter outlook includes the impact of the work stoppage at Canadian Pacific Railway that began March 20, 2022. The company expects to end the quarter with above average work in process and finished goods inventories to fulfill deferred shipments in future periods. The company continues to generate significant cash flow and remains confident in its cash generating potential in fiscal 2023 and beyond. Earlier this month, the company announced to repurchase up to approximately 7.4M shares during the period of March 3, 2022 to March 2, 2023. Shares down 2% premarket.

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Algoma Steel sees sequential shipments decline in Q4