Shares of Algoma Steel Inc. plunged over 5% in early trading on Wednesday after the Canadian steel producer reported a larger-than-anticipated loss for its fiscal third quarter, overshadowing better-than-expected revenue.
Algoma Steel posted an adjusted net loss of C$0.68 per share for the quarter ended September 30, wider than analysts' consensus estimate of a C$0.28 loss per share. The company cited challenging market conditions and higher input costs for the weaker earnings performance.
Despite the bottom-line miss, Algoma Steel's revenue of C$600.3 million for the quarter exceeded Wall Street's expectations of C$568.9 million. However, investors appeared to focus more on the company's earnings shortfall, with the stock tumbling in response to the disappointing profit figures.
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