NEW YORK Wire fabricator
Tree Island Steel Ltd. posted 2012 net income of more than
Canadian $10.37 million ($10.17 million) in contrast to a
C$12.86-million net loss the previous year as sales fell 2.5
percent to C$146.24 million ($143.37 million) on shipments that
slid 7.2 percent to 102,408 tons.
The Vancouver, British
Columbia-based company dipped into the red in the fourth
quarter, but the C$2.35-million ($2.3 million) net loss was a
44.9-percent improvement from a C$4.26-million loss in the same
period a year earlier despite an 18.3-percent dip in sales to
C$28.66 million ($28.1 million) on shipments that fell 14.6
percent to 21,583 tons.
"I am pleased with our ability
to navigate through the continued industrywide challenges faced
in 2012," president and chief executive officer Dale MacLean
said in a statement accompanying Tree Islands earnings
report. "(W)e are seeing early market signals of demand
recovery and price stabilization emerging, which provides us
with a reasonable opportunity to build a path to a stronger
year in 2013."
The company could not be reached for further comment.