California Steel Industries reports Q1 results

California Steel Industries reports Q1 results

US flat rolled steel producer California Steel Industries has recently announced its first quarter results, ending on March 31, 2004. According to the report, the company shipped 566'630 net tons of steel products in the first quarter, which indicates the highest tonnage the company shipped in any quarter of its history. Moreover, the figure is 28% higher than the tonnage sold in the first quarter of 2003. The company reported its sales revenue as $233.1 million in the aforementioned quarter, which is 17% higher than the figure recorded in the same period of previous fiscal. However, net income of the company is reported as $1.8 million against $5.4 million recorded in the first quarter of 2003. EBITDA in the first quarter is recorded as $15.2 million, which is also lower than $19.3 million recorded in the same quarter of 2003. The company reported its operating income as $14 million, which shows an increase when compared with $12.1 million recorded in the same quarter of previous fiscal.