Barzel Industries units suffer precipitous drop in revenue

Oct 27, 2009 | 12:32 PM | Corinna Petry

Barzel Industries Inc.'s chief restructuring officer has filed financial statements for the company's American Steel & Aluminum Corp. and Nova Tube Indiana LLC subsidiaries that show just how drastically revenue collapsed this year.

The financial statement for American Steel shows 2009 gross income of $33.1 million through Sept. 15 compared with fiscal-year 2008 gross income of $287.8 million and fiscal 2007 income of $268 million. The financial statement for Nova Tube Indiana shows 2009 year-to-date gross income of $2.81 million vs. nearly $20.4 million in fiscal 2008 and $27.4 million in fiscal 2007.....

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