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Algoma Steel Group Inc. (ASTL) delivered earnings and revenue surprises of 21.74% and 0.77%, respectively, for the quarter ended September 2022. Do the numbers hold clues to what lies ahead for the stock?
SAULT STE. MARIE, Ontario, Oct. 26, 2022 (GLOBE NEWSWIRE) -- Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) (“Algoma”), a leading Canadian producer of hot and cold rolled steel sheet and plate products, announced today that Algoma will release its fiscal 2023 second quarter financial results after the market closes on Monday, November 7, 2022. A webcast and conference call will be held on Tuesday, November 8, 2022 at 11:00 a.m. Eastern Time to review Algoma's results, discuss recent events, and conduct a question-and-answer session.
With a global economic slowdown becoming the most likely scenario going into next year, steel producers are not looking especially attractive. Thinking beyond the impending slowdown some steel producers, especially the ones located in North America are gaining an obvious geographical advantage over their European & Asian peers.
Algoma Steel had labor issues as well as problems commissioning new equipment.