California Steel Industries, Inc., based in Fontana, California reported Monday a Q3 2010 net income of $2.0 million for the period ended September 30, 2010, and sales revenues for the quarter are $313.9 million on shipments of 365,608 nt.
The tonnage shipped during third quarter was consistent to Q2 2010's level of 363,127 nt, and is about one-third more than Q3 2009 level of 244,417 nt.
Year to date, net sales are $848.3 million, more than double net sales of $398.2 million during the first nine months of 2009. Sales tonnage is also higher at 1,055,615 nt, over 2009's 578,133 nt.
Net income for the quarter of $2.0 million decreased substantially from Q2 2010's net income of $18.5 million, and fell from Q3 2009's net income of $7.4 million. However, year to date net income is $30.9 million, substantially higher than 2009's year to date net loss of $10.8 million.
"During Q3, shipment levels remained consistent with second quarter volume, which, in today's reality, is definitely positive," said Vicente Wright, President, and CEO of California Steel Industries.
"However, this economy is far from repaired, and we remain concerned for the outlook of the balance of the year, mainly in regard to demand," Wright noted.