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.