Smorgon's earnings soar as tube margins rise
Aug 29, 2005 | 03:04 PM
| Jo Clarke
Australian long-products steelmaker and scrap processor Smorgon Steel Group Ltd. has posted a record annual profit of Australian $88.8 million ($66.6 million), a 96.9-percent increase from the previous year.
"We have achieved (this profit) as a result of our adherence to a firm price discipline and a strategy of pursuing value over volume in a strong market environment," Ray Horsburgh, Smorgon's managing director and chief executive officer, said. The upward spiral of hot-rolled coil costs has halted, he added, allowing Smorgon's important tube business to....
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