Fontana, California-based California Steel Industries (CSI) reported Thursday a net loss of $5.5 million in Q4 2010 on net sales of $227.9 million. In Q3 2010, CSI reported a net income of $2 million. Steel shipments fell in Q4 as well, totaling 279,641 net tons-a 24 percent decrease from Q3 2010 shipments of 365,608 net tons. Shipments are however up 24 percent from the 222,242 net tons shipped in Q4 2009.
Despite the Q4 2010 net loss, CSI reported net income of $25.4 million on net sales of $1.08 billion for the full year 2010, up significantly compared to a net loss of $13.1 million on net sales of $551.8 million for the full year 2009. 2010 total shipments were also up, surging to 1,335,256 net tons in 2010, a 67 percent increase over 2009's shipments of 800,375 net tons.
"Fourth quarter 2010 results are normally impacted by the lower shipment levels we experience during this period each year," said Vicente Wright, President and Chief Executive Officer. "But rather than focus on a quarter whose results are cyclical and thus typically diminished from the rest of the year, I look at the total results for fiscal 2010, and recognize the tremendous survival measures taken by our team and the resulting turnaround from 2009," he continued.
"The results for 2010 not only indicate an improvement to business conditions in the US, but also can be directly attributed to our Company's efforts to position itself to meet future changing conditions," Wright concluded.