Canadian Ivaco Inc. reported $7.6 million profit for 2002

Canadian Ivaco Inc. reported $7.6 million profit for 2002

North America's leading steel maker Ivaco Inc., reported a profit of $7.6 million for 2002 after a $42.4 million loss recorded in year 2001. Together with its operations for steel, wire rod and precision machined component production, both in Canada and United States, sales showed an increase of $45.48 million and reached to $937.48 million in 2002. According to a company official's statement; considerable legal costs due to the recent US anti-damping investigation with respect to wire rod imports, higher raw material purchase costs and upsurged costs owing to new labour contracts at Ivaco Rolling Mill and Sivaco Quebec had an adverse effect on operating results of fiscal 2002. Company is planning to improve operating conditions and make price increases this year as well as a tight cost cutting program. For 2003, capital expenditures are expected to be at lowest and overall sales to surpass last year's levels.