On July 28, Illinois,
US-based A. M. Castle & Co, a global distributor of alloy and stainless steels as well as nickel alloys among other products including plastic, announced that the company returned to profit in the second quarter of 2010.
According to the financial results, the net profit of the company was $400,000 in the second quarter of 2010, compared with a net loss of $5.5 million in the second quarter of 2009.
Net sales revenues in the second quarter of 2010 saw an increase of 23 percent, rising to $240.1 million, of which $213.3 million came from the metal segment.
Average metric tons sold per day increased approximately 20.6 percent compared to the second quarter of 2009 and increased sequentially by 3.5 percent from the first quarter of 2010.
"I am pleased to report a return to profitability in the second quarter. Sales activity and overall business conditions in the end-markets we serve improved from first quarter levels, particularly in the general industrial and oil & gas markets," stated Michael Goldberg, president and CEO of A. M. Castle.