According to John Scheel, ALJ's Chief Executive Officer, "Thus far, 2010 has been similar to 2009. Shipments and selling prices this year are down 4 percent and 2 percent, respectively compared to 2009. This is reflective of the slow, fragile nature of the economic recovery. The quarterly results, however, show a somewhat different perspective as there really has been a good deal of volatility in both volumes and prices. Overall, KES has been able to be solidly profitable throughout 2010; so much so that we were able, this quarter, to pay off our outstanding senior term loans and to refinance our remaining senior debt enabling us to also retire significant high-interest-rate subordinated debt at a sizable discount. Our financials reflect a one-time gain of about $4 million as a result."
US-based ALJ announces earnings for Q2 2010
For the three months ended June 30, 2010, US Kentucky-based ALJ posted net income of $4,490,263 as compared to a net loss of $934,192 for the three months ended June 30, 2009. ALJ is the parent company of KES Acquisition Company (dba 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).