For the fiscal year ended September 30, 2010, Kentucky, US-based ALJ posted a net income of $5,688,400 as compared to a net income of $53,161 for the fiscal year ended September 30, 2009. ALJ is the parent company of KES Acquisition Company (doing business as Kentucky Electric Steel), the owner and operator of a steel mini-mill near Ashland, Kentucky producing both merchant bar quality flats (MBQ bar flats) and special bar quality steel flats (SBQ bar flats).
For Q4 ending September 30, 2010, ALJ's net income was $0.472 million as compared to a net income of $1.118 million for Q4 ending September 30, 2009.
"2010 was a recovery year compared to the breakeven year of 2009. In fact, we utilized an improved cash position at KES to refinance our working capital line of credit on more favorable terms which, in turn, allowed us to continue our efforts to retire corporate debt," ALJ's CEO John Scheel said.