Update: Algoma Steel Shares Rise After EAF Production Resumes Following Power Plant Outage
(Updates with the company's stock move in the headline and in the first paragraph.)Algoma Steel (ASTL) shares were up 6.5% in Wednesday trading after the company said it resumed electric arc furnace production Aug. 29 after reaching interim operating arrangements with Ontario's Independent Electricity System Operator following an unplanned outage at its Lake Superior Power generating facility.The company said it is maintaining production and shipping steel under the temporary arrangementsAlgoma said it is working with other parties on options to restore full power capacity, including repairing the affected turbine or securing a replacement.The company said it continues to assess potential effects on production and shipments, with the impact depending on how quickly the mitigation measures are implemented.Price: $4.40, Change: $+0.27, Percent Change: +6.54%
