Stelco posts loss as prices, shipments falter
Nov 10, 2005 | 10:42 AM
Stelco Inc., Hamilton, Ontario, said lower spot market selling prices, decreased shipments, reduced production levels, higher reorganization costs and higher energy costs were all to blame for a third-quarter loss of Canadian $42 million ($35.4 million) on sales that fell 19.2 percent.STELCO INC.(in thousands except per share) 200520043rd qtr. ended Sept. 30Net sales$725,000$897,000Net income (loss)(42,000)58,000Per share-0.579 months ended Sept. 30Net sales$2,462,000$2,446,000Net income47,00063,000Per share0.460.62In Canadian dollarsStelco said those factors were partially offset by higher income tax recoveries and lower scrap and coke costs during the quarter.....
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