A few snipits from steel companies the last couple days. Looks like stell is up in general. Note the one comment about higher scrap prices
Regards,
Dan
Steel Technologies Inc. (Nasdaq/NM:STTX) today reported results for the first quarter of fiscal 1998. For the three months ended December 31, 1997, sales increased nearly 24% to $96,449,000 compared with sales of $78,030,000 for the first quarter of fiscal 1997.. "We have begun 1998 with very positive momentum, and we expect all of our operations -- core units, Mexico and our joint venture to show growth in operating income for this year and beyond," President Ray added... As an intermediate steel processor, Steel Technologies processes flat rolled steel ....
COATESVILLE, Pa., Jan. 20 /PRNewswire/ -- Lukens Inc. (NYSE: LUC) today reported a 1997 net loss of $4.6 million, compared to a net loss of $28.4 million in 1996. The loss per share for 1997 was $.45 versus a loss per share of $2.06 in the previous year. The company's 1996 results included unusual charges totaling $1.12 per share ($16.7 million after-tax)...Net sales in 1997 were $994.4 million, up 2 percent from $970.3 million in 1996. .."Record annual sales and shipments accentuated a strong recovery at our Carbon & Alloy Group, which generated $50 million in operating earnings," said R.W. Van Sant, Lukens' chairman and chief executive officer. ...
In the stainless sector, the Lukens chairman said record levels of imported steel significantly depressed domestic selling prices, offsetting the gains achieved by the company's carbon and alloy plate business....He said, in contrast, Lukens' Carbon & Alloy Group turned in another excellent performance during the quarter. "Operating earnings reached $16.5 million on record shipments of 206,800 tons." ..Robust Carbon/Alloy Plate Market To Continue in 1998 ..The company said it expects the strong demand for its carbon and alloy plate products will continue into 1998.
ASHLAND, Ky.--(BUSINESS WIRE)--Jan. 21, 1998--Kentucky Electric Steel, Inc. (NASDAQ/NMS:KESI) announced today the results for its fiscal 1998 first quarter. Net income for the quarter ended December 27, 1997 was $41,000 or $.01 per share, versus a net loss of $1.4 million, or $(.30) per share for the first quarter of fiscal 1997... Net sales for the first quarter of fiscal 1998 were $26.0 million, up 11.3% from fiscal 1997 first quarter sales of $23.4 million. The increase in sales is due to a 4.9% increase in average selling price combined with a 6.1% increase in tons shipped... Charles C. Hanebuth, President and Chief Executive Officer of Kentucky Electric Steel, Inc., commented, "Earnings for the first quarter of fiscal 1998 improved significantly from the net loss reported for the comparable quarter of fiscal 1997 reflecting increased selling prices and shipments, and lower conversion costs due to productivity improvements offset partially by increased scrap cost." Mr. Hanebuth continued, "We are pleased with the significant improvement over last year's results; however we are far from satisfied. Earnings for the quarter were negatively impacted by higher scrap prices and a short-term change in product mix. Recently implemented and announced price increases appear to be holding and should offset the scrap cost increases of the first quarter. Historically, selling price increases lag scrap cost increases by a few months. Our product mix is also returning to normal.".. Mr. Hanebuth commented, "We continue to see strength in both demand and pricing for our products as exhibited by current bookings. Also, we have recently achieved production records in both the melt shop and rolling mill..Kentucky Electric Steel, Inc. is a publicly held company which operates a specialty steel mini-mill manufacturing special quality steel bar flats ..
MIDDLETOWN, Ohio, Jan. 21 /PRNewswire/ -- AK Steel (NYSE: AKS) reported earnings of $40.4 million, or $0.66 per diluted share of common stock, on record shipments of 1,180,000 tons for the fourth quarter of 1997. In the same period of 1996, the company earned $30.7 million, or $0.50 per diluted share of stock. The per-share figures reflect the company's common stock split effective November 17, 1997. The company reported operating profit of $69.8 million, or $59 per ton shipped for the fourth quarter of 1997. Sales for the 1997 fourth quarter were $620.5 million. The 1997 fourth quarter results were propelled by record shipments of nearly 560,000 tons to the company's automotive customers...AK Steel produces low-carbon and stainless flat-rolled steel...
CHICAGO, Jan. 21 /PRNewswire/ -- Inland Steel Industries, Inc. (NYSE: IAD) today reported net income of $17.7 million, or 31 cents per common share, for the fourth quarter ended December 31, 1997. ... Excluding these unusual items, earnings per share were 35 cents in the fourth quarter of 1997. In the year-ago period, the Company reported earnings per share of 32 cents, excluding unusual items. Sales of $1.23 billion were up 10 percent from the comparable period in 1996.
For the full year 1997, and excluding unusual items in both years, Inland Steel Company's operating profit of $144.4 million was nearly double that of a year ago. Shipments of 5,260,000 tons generated sales of $2.47 billion. This compares with shipments of 5,096,000 tons and sales of $2.40 billion in 1996. During the quarter and for the full year, production records were set at several key facilities at the Company's Indiana Harbor Works and New Carlisle joint ventures...Looking ahead, Darnall continued, "We enter 1998 with strong order books and are encouraged by our continuing operational improvements, but are concerned about the increased level of unfairly traded imports entering the country."...Chicago-based Inland Steel Industries, Inc., is a materials management, logistics and technical-services company that provides value-added steel products and materials-related services to manufacturers... Its wholly owned subsidiaries are Inland Steel Company, the sixth largest U.S. steel producer, and Inland International. In addition, it owns 87 percent of Ryerson Tull, Inc., the largest North American metals and industrial plastics service center operation, comprised of Joseph T. Ryerson & Son, Inc., J.M. Tull Metals Company, Inc., and Ryerson de Mexico, a 50/50 joint venture with AHMSA, Mexico's largest carbon steel producer.
PITTSBURGH (AP) - Stronger pricing and increased demand helped USX's U.S. Steel Group report a 21 percent increase in fourth-quarter profits Thursday, its highest quarterly earnings since the steel group was formed seven years ago..The nation's largest integrated steel maker said 1997 fourth-quarter profits were $152 million, or $1.64 a diluted share, compared with $125 million, or $1.34 a diluted share, for the year-ago period. Total revenues rose by $44 million to $1.838 billion for the quarter ended Dec. 31. The company recorded an $85 profit on each ton shipped, up from $65 per ton a year earlier. USX Chairman Tom Usher said the results reflect ''continued strength in the various steel markets we serve as well as consistent cost-effective operations and close attention to the quality and on-time delivery demanded by customers.''
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