Algoma Steel Group (TSE:ASTL) Shares Up 2.8% – Here’s Why

Algoma Steel Group Inc. (TSE:ASTL) shot up 2.8% during trading on Thursday . The stock traded as high as C$7.16 and last traded at C$7.05. 710,982 shares changed hands during trading, an increase of 1% from the average session volume of 701,616 shares. The stock had previously closed at C$6.86.

Algoma Steel Group Stock Up 1.8%

The firm has a 50 day moving average of C$6.11 and a 200 day moving average of C$5.96. The firm has a market cap of C$753.43 million, a price-to-earnings ratio of -0.79 and a beta of 1.52. The company has a quick ratio of 1.51, a current ratio of 2.18 and a debt-to-equity ratio of 175.52.

Algoma Steel Group (TSE:ASTL) last announced its quarterly earnings results on Tuesday, May 12th. The company reported C($1.46) earnings per share (EPS) for the quarter. The firm had revenue of C$296.90 million during the quarter. Algoma Steel Group had a negative return on equity of 125.08% and a negative net margin of 47.22%. As a group, sell-side analysts predict that Algoma Steel Group Inc. will post 1.4795699 earnings per share for the current year.

About Algoma Steel Group

Algoma Steel Group Inc is a Canadian company that produces clean and consistent light gauge steel in North America, offering a range of hot and cold rolled steel sheet and plate products. The firm operates in a single segment of basic steel production. Geographically it serves Canada, the United States and the rest of the world, whilst driving key revenue from domestic sales. Substantial revenue is generated from the sale of Steel sheets and strips.