International Corp. says its customers are benefiting from
improved demand for automotive steel and that a rebound in
construction could be on the horizon.
"Our customers have benefited
from an automotive recovery, and we are cautiously hopeful that
a nonresidential construction recovery may be in sight,"
Raymond Kalouche, president and chief executive officer of the
Pittsburgh-based parent company of Tube City IMS LLC, said in a
The companys first-quarter
net income soared to nearly $8.1 million from $113,000 in the
same period last year despite a 21.1-percent decline in revenue
to $589.6 million.
"Our first quarter was
consistent with our expectations, given the challenging
industry environment we continue to face. We are well
positioned for future growth in our market and are confident in
our ability to meet our outlook for the year," Kalouche
The company is continuing its
strategy to grow globally, opening a second trading office in
Mexico during the first quarter. The Mexico City office is in
addition to its Monterrey office.
As for the scrap metal side of
the business, TMS brokered or managed 3.2 million tons of scrap
during the first quarter, the company said. Of that amount, 2.2
million tons consisted of agency business, in which TMS served
as the exclusive representative for a producer. TMS handled 3.5
million tons of scrap in the first three months of last