Stelco Holdings says fourth-quarter steel shipments fell short of guidance
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Hey there, time traveller!
This article was published 06/01/2022 (1748 days ago), so information in it may no longer be current.
HAMILTON – Stelco Holdings Inc. says its steel shipments in the fourth quarter of last year were below its guidance as it was hurt by production and logistics challenges and the emergence of the Omicron variant of COVID-19.
The Hamilton-based steelmaker says it shipped about 625,000 net tons of steel in the fourth quarter of 2021, below its guidance for between 675,000 and 680,000 net tons.
Stelco says it was hurt by unplanned outages on its hot strip mill, logistics challenges and Omicron which affected the company as well as its customers and suppliers.
The latest COVID-19 variant has fuelled a massive spike in cases and caused labour shortages as sick workers have been forced to stay home.
The company added that shipments for the first quarter of this year will be at or potentially lower than those in the fourth quarter.
It says the lower guidance for the first quarter is due to planned outages that have been advanced as well as softer prices, weaker demand and increased COVID-19 related disruptions.
This report by The Canadian Press was first published Jan. 6, 2022.
Companies in this story: (TSX:STLC)