Castle warns of slow upturn after slipping to loss in 2d qtr.

Jul 28, 2009 | 10:22 AM | Corinna Petry

Pointing to still-negative economic indicators, A.M. Castle & Co.'s president and chief executive officer Michael Goldberg says the company anticipates continued losses until demand improves.

Speaking during a conference call to discuss the company's second quarter earnings, Goldberg cited U.S. and global industrial production, the Purchasing Managers Index (PMI) and Metals Service Center Institute (MSCI) data.

U.S. industrial production fell 14 percent during the first half of 2009, compared with growth of 2.2 percent during all of 2008, and while the PMI hit a 28-year low in December and has since kept rising, the manufacturing component of the index was still contracting through June, he said. MSCI shipments shrunk 44 percent during the first half.....

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