Canadaian integrated steelmaker Algoma shipped less tonnage in the final quarter of 2021 as it was hampered by holiday shutdowns, supply constraints and Covid-19-related issues.

The steelmaker shipped 550,000 short tons in its fiscal third quarter, which ended on 31 December. It shipped as much as 10pc less than the 590,000-610,000st it had expected to ship during the quarter.

Algoma's inventories increased by an undisclosed amount, and chief executive Michael McQuade said the steel would ship over through the first six months of 2022.

Algoma is the second Canadian steelmaker to announce lower shipment volumes as the steel industry struggled with a weak end of the year, hit by supply and Covid-19-related demand depression. Integrated steelmaker Stelco shipped 625,000st, a decline of 50,000st compared with its fourth quarter guidance.

By Rye Druzin

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Argus Media Limited published this content on 10 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 January 2022 19:57:12 UTC.