Allegheny Technologies posts Q2 financial results

Allegheny Technologies posts Q2 financial results

Pittsburgh, US-based steel producer Allegheny Technologies Incorporated (ATI) has recently posted financial results of second quarter ended on June 30, 2004. The company reported a net income of $26.6 million on sales of $646.5 million in the second quarter. In the corresponding period of previous fiscal year, ATI reported a net loss of $26 million on sales of $489.9 million. Sales indicated an increase of 32%. Operating profit in the second quarter is recorded as $38.1 million. In the six-month period ended on June 30, 2004, company reported a net loss of $23.8 million on sales of $1.224 billion. In the first six months of previous fiscal year, net loss was recorded as $53.1 million on sales of $970.4 million. Sales of flat products segment of the company has increased by 47% in the second quarter against sales recorded in the corresponding period of 2003. Operating profit of the subject segment reached $20 million due to strong demand.