Ispat Inland posts Q2 financial results

Ispat Inland posts Q2 financial results

East Chicago, US-based Ispat Inland has recently posted financial results of second quarter ended on June 30, 2004. According to the report released by the company, net income has been recorded as $54.1 million up by $73.8 million against loss of $19.7 million recorded in the second quarter of 2003. Net sales in the second quarter have been recorded as $771.9 million, up by 38% when compared with $560.5 million recorded in the corresponding period of 2003. Shipments in the second quarter increased by 4% to 1.426 million tons from 1.368 million tons recorded in the second quarter of 2003. Operating profit in the subject period has been recorded as $113 million against operating loss of $14.2 million recorded in the same period of previous year. Moreover, operating profit was recorded as $80.6 million in the first quarter of 2004. With the continuation of strong demand for steel and higher selling prices, the company expects its third quarter results to be better than second quarter results.