Metal inventories rising: A.M. Castle executive
May 02, 2012 | 05:38 PM
| Frank Haflich
Tags
A.M. Castle,
Michael Goldberg,
Scott Stevens,
frank haflich
LOS ANGELES — Metal stocks have built up faster than expected in the supply chain as A.M. Castle & Co. "moderates" its own inventory levels.
The Oak Brook, Ill.-based service center saw the year start out "robustly, but we’ve seen a softening in the past six weeks," president and chief executive officer Michael Goldberg told securities analysts during a quarterly earnings conference call.
A.M. Castle had reported earlier that despite a $4.3-million first-quarter net loss associated with a convertible note issue, its metals business chalked up a strong sales increase over the same period last year, with higher rates of tons sold per day, paced mainly by the energy and general industrial markets. ....
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