Stelco posts $48.6M profit in qtr. as sales jump
Nov 08, 2004 | 07:59 AM
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Stelco Inc., Hamilton, Ontario, rode higher steel prices coupled with raw materials surcharges and strong steel demand to a profitable third quarter, but said it still isn't in position to emerge from the protection of Canada's Companies' Creditors Arrangement Act.
Stelco, which entered CCAA protection-the equivalent of U.S. Chapter 11 bankruptcy protection-in late January, reported third-quarter net income of Canadian $58 million ($48.6 million), a sharp turnaround from the net loss of C$42 million in the comparable quarter last year, on sales that rose 46.6 percent to C$953 million ($799 million). Stelco's net income during the second quarter of this year was C$42 million ($35.2 million).....
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