Dofasco reports 2nd quarter profits
Hamilton,
Canada-based steel maker Dofasco Inc., reporting net earnings of $110 million in the second quarter, up from $38.7 million in the corresponding period of last year, has nearly tripled its quarterly profits. The company stated that it benefited from soaring prices and strong demand. Dofasco also reported that revenue for the period increased 15% to $1.06 billion from $923.2 million.
Meanwhile, the company has delayed its decision regarding a US joint venture project.
Dofasco originally planned to disclose details early this summer on the 500'000 annual ton joint venture project with
Luxembourg-based Arcelor to build a plant in the southern US which would supply the automobile industry with
galvanized steel. However, Dofasco officials have announced that they will wait several more months as the company finalizes the business model and works out details with prospective customers and site locations.