Canadian Manufacturing

Stelco Holdings reports jump in Q2 earnings on higher steel prices

The Hamilton-based company, which wholly owns Stelco Inc., says earnings for the second quarter came in at $363 million.

August 11, 2021  The Canadian Press

Stelco Holdings Inc. says it saw a significant jump in earnings in the second quarter as it benefitted from higher steel prices and shipping volumes.

The Hamilton-based company, which wholly owns Stelco Inc., says earnings for the second quarter came in at $363 million, or $4.09 per share, up from nil earnings in the same quarter last year.

Adjusted net income for the quarter ending June 30 was $380 million, or $4.28 per share, up from earnings of $10 million or 11 cents per share last year.

Revenue came in at $918 million, up from $411 million for the same quarter last year.

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Analysts on average expected Stelco to report adjusted net income of $338 million, or $4.14 per share, and revenue of $906 million, according to financial data firm Refinitiv.

The company says its average selling price for steel was up 85 per cent compared with last year, and up 35 per cent from the first quarter.