Ispat International posts Q2 financial results

Ispat International posts Q2 financial results

Ispat International N.V 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 $325 million against $14 million recorded in the second quarter of 2003. In the first quarter of 2004, net income was recorded as $102 million. Consolidated sales and operating income in the second quarter have been recorded as $2.1 billion and $426 million respectively. The figures were recorded as $1.4 billion and $58 million respectively in the second quarter of 2003. Moreover the figures were recorded as $1.8 billion and $158 million respectively in the first quarter of 2004. When the figures are examined on the basis of first six-month period, it is observed that net income is recorded as $427 million against $65 million recorded in the first six-month period of 2003. Again in the same period, consolidated sales and operating income have been recorded as $3.9 billion and $584 million respectively, compared to $2.7 billion and $133 million recorded respectively in the first six-month period of 2003. Total shipments in the second quarter increased by 2% to 4.1 million tons against second quarter of 2003, however the figure indicates a decrease of 4% when compared with first quarter of 2004. In the first six-month period of 2004, total shipments increased to 8.3 million tons, up by 6% when compared with total shipments recorded in the first six-month period of 2003. These figures indicate the highest results the company has ever recorded. The improved results are attributed to strong demand, higher base selling prices, raw material surcharges and improved product mix.