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Why Shares Of Canadian Steel Company Algoma Are Soaring

Algoma Steel Group Inc. (NASDAQ:ASTL) shares are trading higher after the company reported fourth-quarter sales results up from last year.

Algoma Steel Group Reported fourth-quarter sales $941.8M CAD, up from $638.5M CAD year-over-year. As compared with the prior-year quarter, steel revenue was $879.9 million, up 50.2% from $585.6 million, and revenue per ton of steel sold was $1,721, up 67.6% from $1,027.

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