Algoma Steel Soars 8.01%, Hits Intraday High of CAD 5.00
Algoma Steel Group, Inc. has experienced a notable surge today, gaining 8.01% and reaching an intraday high of CAD 5.00. This performance stands in contrast to the S&P/TSX 60, which recorded a modest increase of 1.23% on the same day. Despite this uptick, Algoma Steel's recent performance metrics reveal a challenging landscape. Over the past week, the stock has declined by 12.3%, and its one-month performance shows a significant drop of 29.82%. Year-to-date, Algoma Steel has faced a steep decline of 64.56%, with a staggering 63.15% decrease over the past year. The company has reported negative results for the last ten consecutive quarters, with a pre-tax profit of CAD -136.5 million, reflecting a 75.39% decline. Additionally, raw material costs have surged by 758.71% year-over-year, contributing to a net profit of CAD -99.6 million.
With a market capitalization of CAD 675 million, Algoma Steel operates within the industrial manufacturing sector, facing ongoing challenges that have impacted its financial stability and market position.
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