Algoma Steel Group Issues Guidance for December Quarter

Algoma Steel Group Inc. ASTL has released guidance for the quarter ended Dec. 31, 2024. Total steel shipments for the quarter are projected to be between 545,000 and 550,000 tons, with adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) ranging from -C$55 million to -C$65 million.Despite market headwinds, the quarter's results revealed strong operational execution, notably in the plate division, where output remained on an increasing trend. While macroeconomic uncertainties persist in the steel sector, ASTL noted that it is well-positioned to benefit from improving fundamentals as conditions normalize.The Electric Arc Furnace project accomplished a significant milestone in the quarter with the start of cold commissioning activities, which are progressing rapidly. In late November and early December, the company saw unprecedented snowfall at the site, which temporarily disrupted project activity. The company does not expect any significant delays in its goal to begin steel production by the end of the first quarter of 2025. The company is making considerable progress in its strategic transition to become one of North America's leading low-carbon steel manufacturers, paving the way for a promising 2025.Shares of ASTL have gained 0.5% over the past year against a 30.5% decline of its industry.Image Source: Zacks Investment ResearchASTL’s Zacks Rank & Key PicksAlgoma Steel currently carries a Zacks Rank #3 (Hold).Better-ranked stocks in the basic materials space include Carpenter Technology Corporation CRS, Sylvamo Corporation SLVM and Silvercorp Metals Inc. SVM.Carpenter Technology currently sports a Zacks Rank #1 (Strong Buy). CRS beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 14.1%. The company's shares have soared 158.2% in the past year. You can see the complete list of today's Zacks #1 Rank stocks here.Sylvamo, which currently carries a Zacks Rank #2 (Buy), beat the consensus estimate in each of the trailing four quarters. In this time frame, it has delivered an earnings surprise of roughly 16.7%, on average. SLVM’s shares have rallied 62.5% over the past year.Silvercorp, currently carrying a Zacks Rank #2, beat the consensus estimate in three of the last four quarters and being in-line once, with the average earnings surprise being 16.5%. SVM has gained around 23.5% in the past year. Research Chief Names "Single Best Pick to Double"From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.Free: See Our Top Stock And 4 Runners UpWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Carpenter Technology Corporation (CRS): Free Stock Analysis Report Silvercorp Metals Inc. (SVM): Free Stock Analysis Report Sylvamo Corporation (SLVM): Free Stock Analysis Report Algoma Steel Group Inc. (ASTL): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks