Stelco has strong first quarter in quest to rebuild the company
https://www.thespec.com/news-story/8...d-the-company/
Stelco's owners say the company's revenue increased by 25 per cent in the first three months of the year compared to the first quarter of 2017 and it would have been higher if there wasn't a trucking shortage.
The trucking industry has been struggling to find new drivers to replace the 10,000 drivers who retire every year in Canada and it's been having a major impact on companies that use trucks to distribute products.
Stelco CEO Alan Kestenbaum said in a conference call Thursday, "we could have shipped more with optimal shipping capability" ... but "nevertheless we grew shipping volumes to an annual run rate of 2.5 million net tonnes from 2017 shipments of 2 million tonnes."
Faced with the transportation problem that is expected to continue for the foreseeable future, he said, Stelco has diversified its shipping options by increasing rail capacity and using ship barges from its Lake Erie docks.
"That means the new Stelco can now ship by truck, rail, barge and ship to destinations around the globe," he said.
The company's revenue jumped to $482 million from $386 million over the same period last year, as volumes increased by 23 per cent and average selling prices were up by two per cent.
Net income was listed at $49 million compared to $8 million last year.