Metals USA shrinks its loss to $4.4M in fourth quarter
Feb 01, 2010 | 12:49 PM
| Corinna Petry
Service center operator Metals USA Holdings Corp. recorded a fourth-quarter loss of $4.4 million, narrowing from a $7-million loss in the year-earlier quarter, on sales that fell 46.3 percent to $245.3 million from $456.4 million.
For the full year, the Houston-based company posted net income of $3.5 million, down 95.2 percent from $72.6 million in 2008, on sales that fell 49 percent to under $1.1 billion from $2.16 billion.
"Last year's market conditions allowed us to demonstrate our ability to efficiently manage our working capital needs in a declining steel pricing environment," Lourenco Goncalves, chairman, president and chief executive officer, said in a statement. "We see the current business environment, with rising steel prices and longer mill lead times, as positive indications that market fundamentals are already improving in 2010."....
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