Lower prices, higher costs shrink Ameristeel's earnings in third qtr.
Nov 08, 2005 | 09:15 AM
Declining steel prices and rising costs for raw materials and energy were the chief forces behind a 56.9-percent decline in third-quarter net income for Gerdau Ameristeel Corp., Tampa, Fla., compared with the same period last year.GERDAU AMERISTEEL CORP.(in thousands except per share) 200520043rd qtr. ended Sept. 30Net sales$999,286$807,883Net income62,208144,286Per share0.200.649 months ended Sept. 30Net sales$2,962,900$2,160,610Net income215,105271,257Per share0.701.26The company's results also were affected by the continuing labor disruption at its Beaumont, Texas, long products mill and by Hurricane Rita, which hit the Beaumont area in late September. The company said third-quarter costs related to the work stoppage, which began May 26, totaled $7 million; estimated damages from Hurricane Rita are $500,000.....
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