Steel Technologies releases third quarter earnings

Steel Technologies releases third quarter earnings

Steel Technologies Inc., a flat rolled steel processor out of Louisville, Kentucky, reported sales increased only 10.5 percent for its third quarter 2005 due mainly to weakened demand for flat rolled products and softened market prices. Net sales for its third quarter were reported at $256.4 million, a year-on-year increase from $232.0 million. Year-to-date net sales rose to $797.4 million, a year-on-year increase from $547.7 million. Net income was reported as $5.7 million, or $0.43 per diluted share, compared to $10.5 million, or $0.81 per diluted share, for the third quarter 2004. Year-to-date 2005 net income was $35.5 million while year-to-date 2004 net income was $19.8 million. Bradford T. Ray, Steel Technologies Chairman and CEO, said, "As we work through these short-term market dynamics, we remain committed to building on our strong customer relationships by continuing to expand the value we bring to the supply chain though our North American platform.” Steel Technologies processes flat rolled steel to specific thickness, width, temper, finish and shape requirements for automotive, appliance, lawn and garden, office furniture, agriculture, railcar, construction, hardware, and consumer goods. The company has 20 facilities, including its joint-venture operations, located throughout the United States and Mexico.