4th Quarter Results
Our financial performance for the fourth quarter of 2023 resulted in profit-sharing payments for employees under the plan. The payout will be a $1.95 per eligible hour bonus payment for qualifying employees deposited into your bank account by May 17, 2024.
Our financial performance during this quarter was driven by notable increases in third-party shipment and OCTG (Oil Country Tubular Goods) sales volume compared to the previous quarter. While we observed an increase in OCTG and line pipe sales volume compared to the previous, it was slightly lower than the volume recorded in the first quarter. This reduction can be attributed mainly to the ongoing impact of imported pipe into Canada, which is being sold at significantly lower prices.
Additionally, our average selling prices for OCTG products continued to decline, experiencing an 11% decrease compared to the previous quarter. Although we witnessed an increase in third-party shipments from Regina steel, this was partially offset by a reduction in Portland slab shipments due to softening in the flat market.
Throughout the quarter, Regina Tubular’s 24″ and spiral mills remained idled.
Looking Forward
The safety of our employees is important to us; therefore, we must continue to focus on improving our safety performance, stopping unsafe work, and reporting all near misses; doing these will help us have a better safety performance.
We continue to monitor the market and consistently take necessary measures to ensure we remain competitive while controlling operational performance with a focus on the quality of our products, managing costs effectively, and fulfilling our commitments to our valued customers.