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A.M. Castle falls deeper in the red

Keywords: Tags  steel, A.M. Castle, earnings report, Scott Dolan, Catherine Ngai

NEW YORK — A.M. Castle & Co. fell deeper in the red in the fourth quarter compared with a year earlier, due in part to seasonal trends and lower sales by its metals division.

"The fourth quarter experienced some fairly typical seasonal trends and a continuation of the industry pressures that followed the company throughout 2013," A.M. Castle chief executive officer Scott Dolan said in outlook commentary released Feb. 25 with its earnings report. "Long-term, we believe that our strategic initiatives, including a more dynamic and localized pricing management process, will better position the company to navigate and prosper through the various cycles this industry faces."

The Oak Brook, Ill.-based company’s metals segment posted net sales of $200.5 million in the three months ended Dec. 31, down 17.3 percent from a year earlier due primarily to a 13-percent decline in sales volume. Full-year metal sales totaled $918.3 million, down 19.7 percent from 2012.

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