Business

Algoma Steel issues statement on auto worker strikes

Published

1 year ago

September 30, 2023

As the United Auto Workers (UAW) union ratchets up its strike activity against Detroit’s Big 3 automakers, Algoma Steel has issued a statement on the situation.

“We are closely monitoring the evolving United Auto Workers union’s work stoppages at certain North American auto manufacturing facilities and the impact they are having on steel markets, including lower than expected realized pricing for recent steel shipments,” said Michael Garcia, Algoma’s chief executive officer.

“In the meantime, we expect to perform our normal annual steel-making vessel reline, along with other planned seasonal maintenance during the fiscal third quarter,” Garcia said.

“On the electric arc furnace project, work has advanced as expected during the quarter, with additional scope committed and priced as we continue to de-risk the project and work towards our expectation of a late calendar 2024 commissioning.”

About 30 per cent of Algoma Steel products go to the automotive sector.

About 25,000 UAW members are currently on strike, 7,000 of them ordered by UAW president Shawn Fain to walk off the job Friday at a Ford assembly plant in Chicago and a GM plant in Lansing, Michigan.

U.S. President Joe Biden joined picket lines this past week at a GM parts warehouse in the Detroit area.

Republican front-runner Donald Trump also travelled to the Motor City for a rally at a nonunion parts manufacturer.

In Canada, members of Unifor have accepted a contract with Ford Motor Co. of Canada

Oct. 9 at 11:59 p.m. has been set by Unifor as its deadline for contract talks with General Motors of Canada.

Garcia’s comments were made as part of the Algoma CEO’s guidance for the steelmaker’s fiscal second quarter ended Saturday.

Steel shipments during the quarter are expected to be in the range of 540,000 to 550,000 tons and adjusted EBITDA is predicted somewhere between $75 million and $85 million.

“Our operations have run in line with our expectations in the fiscal second quarter,” Garcia said

“Our plate mill modernization project reached a key milestone, as we commenced cold commissioning and ran trial plates through our heavy gauge inline shear.

“Hot commissioning continues and an expected ramp towards higher plate production is planned for the end of the calendar year,” he said.

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Business

Restaurant Brands reports US$357M Q3 net income, down from US$364M a year ago

Published

12 hours ago

November 5, 2024

Anne Joseph

TORONTO – Restaurant Brands International Inc. reported net income of US$357 million for its third quarter, down from US$364 million in the same quarter last year.

The company, which keeps its books in U.S. dollars, says its profit amounted to 79 cents US per diluted share for the quarter ended Sept. 30 compared with 79 cents US per diluted share a year earlier.

Revenue for the parent company of Tim Hortons, Burger King, Popeyes and Firehouse Subs, totalled US$2.29 billion, up from US$1.84 billion in the same quarter last year.

Consolidated comparable sales were up 0.3 per cent.

On an adjusted basis, Restaurant Brands says it earned 93 cents US per diluted share in its latest quarter, up from an adjusted profit of 90 cents US per diluted share a year earlier.

The average analyst estimate had been for a profit of 95 cents US per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:QSR)

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Business

Electric and gas utility Fortis reports $420M Q3 profit, up from $394M a year ago

Published

12 hours ago

November 5, 2024

Anne Joseph

ST. JOHN’S, N.L. – Fortis Inc. reported a third-quarter profit of $420 million, up from $394 million in the same quarter last year.

The electric and gas utility says the profit amounted to 85 cents per share for the quarter ended Sept. 30, up from 81 cents per share a year earlier.

Fortis says the increase was driven by rate base growth across its utilities, and strong earnings in Arizona largely reflecting new customer rates at Tucson Electric Power.

Revenue in the quarter totalled $2.77 billion, up from $2.72 billion in the same quarter last year.

On an adjusted basis, Fortis says it earned 85 cents per share in its latest quarter, up from an adjusted profit of 84 cents per share in the third quarter of 2023.

The average analyst estimate had been for a profit of 82 cents per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:FTS)

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Business

Thomson Reuters reports Q3 profit down from year ago as revenue rises

Published

12 hours ago

November 5, 2024

Anne Joseph

TORONTO – Thomson Reuters reported its third-quarter profit fell compared with a year ago as its revenue rose eight per cent.

The company, which keeps its books in U.S. dollars, says it earned US$301 million or 67 cents US per diluted share for the quarter ended Sept. 30. The result compared with a profit of US$367 million or 80 cents US per diluted share in the same quarter a year earlier.

Revenue for the quarter totalled US$1.72 billion, up from US$1.59 billion a year earlier.

In its outlook, Thomson Reuters says it now expects organic revenue growth of 7.0 per cent for its full year, up from earlier expectations for growth of 6.5 per cent.

On an adjusted basis, Thomson Reuters says it earned 80 cents US per share in its latest quarter, down from an adjusted profit of 82 cents US per share in the same quarter last year.

The average analyst estimate had been for a profit of 76 cents US per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:TRI)

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