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Stelco Holdings Inc. says it saw a significant jump in earnings in the second quarter as it benefitted from higher steel prices and shipping volumes.

The Hamilton-based company, which wholly owns Stelco Inc., says earnings for the second quarter came in at $363-million, or $4.09 per share, up from nil earnings in the same quarter last year.

Adjusted net income for the quarter ending June 30 was $380-million, or $4.28 per share, up from earnings of $10-million or 11 cents per share last year.

Revenue came in at $918-million, up from $411-million for the same quarter last year.

Analysts on average expected Stelco to report adjusted net income of $338-million, or $4.14 per share, and revenue of $906-million, according to financial data firm Refinitiv.

The company says its average selling price for steel was up 85 per cent compared with last year, and up 35 per cent from the first quarter.

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