California Steel Industries post second quarter earnings

California Steel Industries post second quarter earnings

Flat rolled steel products maker California Steel Industries, Inc. (CSI), located in Fontana, Calif., has reported a net income of $9.7 million on sales $306.6 million for the quarter ended June 30. CSI shipped 427’751 net tons, a year-on-year decrease of 19 percent. Sales revenue for the second quarter 2005 was six percent higher than for the same period in 2004 but was down from the first quarter 2005. Net income of $9.7 million was substantially lower than second quarter 2004’s $26.3 million which the company blamed on lower prices and higher materials’ costs. Year-to-date sales revenues totaled $645.9 million, a year-on-year increase of over $121 million. CSI’s President and CEO, Masakazu Kurushima said, "While the results for this quarter are respectable to historical levels, shipment levels are lower than typically seen at this time of year,” he went on to explain, “Demand for pipe products remains strong; however, demand for flat rolled products is lower, reflecting overall conditions in the steel industry." California Steel Industries is a leading producer of flat rolled steel products in the western United States. Its offering include a wide array of products, including hot rolled, cold rolled, electric resistant weld pipe and galvanized coil and sheet.