Ipsco cuts earnings outlook as demand weakens [UPDATE]

Dec 29, 2006 | 05:48 AM | Scott Robertson

Ipsco Inc., Lisle, Ill., became the latest North American steelmaker to lower its earnings guidance for the fourth quarter, joining several who have blamed a lengthy inventory de-stocking for lower expectations.

Ipsco now estimates fourth-quarter earnings will be in the range of $3 to $3.10 per diluted share excluding any impact of its acquisition of NS Group Inc., Newport, Ky., foreign exchange gains or losses or effects of share price volatility. The most recent estimate is based on an effective tax rate of 36 percent.....

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