Houston, Texas-based Metals USA Holdings Corp. (Metal USA), one of the largest steel service centers in the US, on February 1 announced its results for the quarter and the year ended December 31, 2009.
According to the company statement, Metal USA recorded $245.3 million in net sale revenues for the fourth quarter of 2009, 46.3 percent lower than $456.4 million recorded during the fourth quarter of 2008. The company's net loss in the fourth quarter of 2009 was $4.4 million, 37 percent lower compared to the net loss of $7 million in the fourth quarter of 2008.
For the year 2009, the company's net income was $3.5 million, 95.2 percent lower than the net income of $72.6 million in 2008. Operating loss was $22.1 million for 2009 compared to income of $206.4 million in 2008. The company's total liquidity was $128.9 million on December 31, 2009.
Lourenco Goncalves, the company's chairman, president and CEO, stated: "In addition to inventory reduction initiatives, we also implemented significant permanent cost-cutting actions and made opportunistic debt repurchases at discounted prices, thereby allowing us to pay down a meaningful portion of our outstanding debt."