1st Quarter Results
Our financial performance for the first quarter of 2023 resulted in profit-sharing payments for employees under the plan. The payout will be a $2.25 per eligible hour bonus payment for qualifying employees deposited into your bank account by May 17, 2023.
Our financial performance for the quarter compared to the prior quarter was impacted by slower demand for OCTG and line pipe products. As a result, the 24” mill was idled in Regina, and we crewed down some of the production lines at our Alberta mills. Average selling prices remained above budget assumptions.
Steel-making excess capacity continued to be used to produce slabs and shipped to Portland as their plate market remained relatively strong.
Thank you all for your continued dedication and performance. Your efforts are very much appreciated
Looking Forward
First and foremost, we need to continue to focus on improving our safety performance. We have a long way to go before we reach our safety goals. A strong focus this year on stopping unsafe work and reporting all near misses will help us get there.
We expect the second quarter demand for both OCTG and line pipe to remain soft in the short term due to high inventory on the ground from imports and oil & gas seasonal spring break-up. Especially in this more competitive market we must maintain existing and win new customers by improving our operational performance, focusing on the quality of the products we produce, controlling costs, and delivering on our commitments to our customers