Stelco Holdings Reports Surge in Earnings in Q2 of 2021
Hamilton based Canadian steel maker Stelco Holdings Inc has reported a significant jump in earnings in the second quarter as it benefitted from higher steel prices and shipping volumes. Its earnings for the second quarter came in at CAD 363 million, up from nil earnings in the same quarter last year. Adjusted net income for the quarter ending June 30 was CAD 380 million, up from earnings of CAD 10 million. Revenue came in at CAD 918 million, up from CAD 411 million for the same quarter last year.
Average selling price for steel was up 85 per cent compared with last year, and up 35 per cent from the first quarter.