Canadian steel maker Stelco Holdings Inc has announced financial results for 2020. Revenue for 2020 decreased by 18% from CAD 1.8 billion in 2019 primarily due to a 17% decrease in steel shipping volumes and 3% lower average steel selling prices.
Revenue- CAD 1.517 billion down 18% YoY
Operating loss - CAD -7 million down 114% YoY
Net loss- CAD -159 million down 895% YoY
Adjusted net loss - CAD 52 million down 224% YoY
Adjusted EBITDA - - CAD 75 million down 47% YoY
Adjusted EBITDA - - CAD 37 million down 36% YoY
Average selling price - CAD 705 per tonne down 3% YoY
Shipping volume - 2.020 million net ton down 17% YoY
Tons Shipped by Product
Hot-rolled - 1,454 million net ton down 14% YoY
Coated – 0.361 million net ton up 11% YoY
Cold-rolled – 0.081 million net ton down 9% YoY
Other – 0.124 million net ton down 62% YoY
Completion of Strategic Capital Projects
On October 13, 2020, Stelco Holdings announced that its wholly-owned subsidiary, Stelco, successfully completed the blast furnace upgrade and reline project at its Lake Erie Works Facility. It is expected that the upgrades to blast furnace will result in improved quality, increased hot metal production of up to 300,000 net tons per annum, and a reduction of up to CAD 30 per net ton in costs to produce our steel coils.