California Steel reports third quarter 2005 earnings

California Steel reports third quarter 2005 earnings

Fontana, California-based steelmaker California Steel Industries reported third quarter 2005 sales decreased 26 percent, due in large to lower sales volume and falling prices. Net sales were $287.7 million, compared to net sales of $390.3 million in the third quarter of 2004, a decrease of 26 percent. Third quarter 2005 net earnings were a loss of $1.1 million compared to net earnings of $46.1 million for the same period last year. Masakazu Kurushima, president and CEO, "Third quarter, usually our busiest time of year, was a difficult one for the steel industry. Lower sales volume and falling prices reflect a market that we believe reached its low point during this challenging year." Commenting on CSI's outlook, he went on to say, "demand for our products, as well as sales prices, has increased, and we believe that fourth quarter financial results will improve," California Steel Industries is the leading producer of flat rolled steel products in the western United States (the 11 states located west of the Rocky Mountains) based on tonnage billed, with a broad range of products, including hot rolled, cold rolled, electric resistant weld pipe and galvanized coil and sheet. Located in Fontana, California, CSI has about 1,000 employees.