The company, which has a four million tonnes per annum steel-making capacity based in Sault Ste, Ontario, had reported a loss of CAD 110 million in the corresponding period last fiscal, Essar Steel said in a statement.
"Step changes in both productivity and conversion costs combined with improving macroeconomic indicators are positively reflected in our second quarter results," said Essar Steel Algoma's Chief Executive Officer Kalyan Ghosh.
Revenue of the company grew by 23 per cent at CAD 572.8 million compared to CAD 464.4 million in the same period of last year. Sales improved by 6 per cent at 6.8 lakh tonnes against 6.4 lakh tonnes.
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