NW Pipe says steel prices rising, predicts good results from OCTG
Dec 03, 2010 | 06:22 AM
Northwest Pipe Co. sees steel prices on the upswing, management said in its first earnings conference call in more than a year.
The call, in which just two people participated in a question-and-answer session, was the Vancouver, Wash.-based steel tube and pipe maker's first since an accounting crisis in 2009.
In the wake of the revelation, Northwest restated years of financial data, and its former chief executive officer, Brian Dunham, resigned and left the company. The firm was also threatened with delisting from the Nasdaq Stock Market.
There had been "a little bit of softening in the price" of oil country tubular goods (OCTG) said Richard Roman, who was appointed in April to replace Dunham as chief executive, during the call, which followed the release of third-quarter earnings last week.
But he insisted that had more to do with weaker steel tags in recent months and that the trend has since reversed.
"Remember, the price of steel has been pretty soft here the last couple of months," Roman said. "We've only recently—and probably within the last month—seen a turnaround with where the steel prices are going."....
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