HAMILTON - Stelco Holdings Inc. says its net loss almost doubled to $47 million in the fourth quarter as revenues dropped due to a blast furnace upgrade.

The Hamilton-based steel maker says it lost 53 cents per diluted share, compared with a loss of 27 cents per share or $24 million a year earlier.

Adjusted profits increased to $45 million or 15 cents per diluted share, compared with a loss of $13 million or 15 cents per share in the fourth quarter of 2020.

Revenues decreased three per cent to $424 million from $435 million in the prior year's quarter as shipping volume fell 23 per cent while average selling prices climbed 10 per cent to $728 per ton.

Stelco was expected to earn 31 cents per share in adjusted profits on $465 million of revenues, according to financial data firm Refinitiv.

For the full-year, Stelco lost $159 million or $52 million on an adjusted basis on $1.52 billion of revenues. That compared with a $20-million profit and $42-million adjusted profit on $1.84 billion of revenues.