Why Algoma Steel Stock Melted Today
Shares of Canadian steelmaker Algoma Steel Group (NASDAQ: ASTL) plunged today after the company put some numbers onto several previously disclosed operational problems. The stock was down as much as 16.3% and remained down 12% as of 10:05 a.m. ET.
The company provided guidance for its fiscal 2023 second quarter, ended Sept. 30, 2022. Algoma has had several operational issues in recent months, and now it has given investors guidance that adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) is expected to be in a range of just 75 million to 80 million Canadian dollars. That compares to CA$358 million in the prior quarter and about CA$431 million in the prior-year period.
Source Fool.com
