Essar Steel Algoma Inc, despite a second consecutive quarterly loss, has declared a more than USD 200 million profit for the fiscal year. It announced a modest USD 3.5 million loss for the three month period ended March 31st 2009, but net income of USD17.3 million for the fiscal year.

The year end profit was the fourth best ever achieved by the more than 100 year old steel producer, a USD 200 million improvement from a year ago, and marked the fourth year in five years that profit exceeded USD 200 million. It posted a modest USD 17.5 million profit in 2007, the conclusion to an unprecedented three years of profitability, topping out at USD 344 million in 2004, followed by USD 240 million in 2005 and USD 222 million in 2006.

Essar Algoma managed this year's gains despite a difficult second half to the fiscal year, the start of the third quarter, October 1st 2009, being the start of a global economic downturn from which the world has yet to recover.

Mr Armando Plastino CEO of Essar Algoma said that "We achieved exceptional results in combination with several significant capital projects, namely the restart of number 6 blast furnace, the commissioning of a cast house emission control system on number 7 blast furnace and construction of a 70 MW cogeneration facility."

He added that the cogeneration facility, under construction for two years, at a cost of USD 135 million, went operational earlier this week and should reduce the electricity intensive manufacturer's reliance on the energy grid by 50% on average.

(Sourced from www.saultstar.com)