Dofasco reports second quarter earnings

Dofasco reports second quarter earnings

Canadian steelmaker Dofasco Inc. reported strong second quarter 2005 sales, driven by solid shipments and a continued high North American pricing environment, remained virtually unchanged from the same period in 2004. Net sales were Canadian $1.1 billion for the second quarter 2005 remained unchanged from the same period in 2004. Year-to-date net sales were reported as CA$2.1 billion, a slight 5 percent increase from same period in 2004. Net income for the second quarter was reported as CA$59.2 million, or CA$0.77 per diluted share, compared to CA$110.5 million, or CA$1.44 per diluted share, for the second quarter 2004. Year-to-date 2005 net income was CA$137.4 million while year-to-date 2004 net income was CA$165.1 million. Dofasco's President and CEO Don Pether said, "We are coming off a record year in 2004, which was followed by our best first quarter ever. The 2005 second quarter results, although lower than what we have recently experienced, are good by historical standards and we are pleased with the efforts of the people working at our operations in Canada, the United States and Mexico." Dofasco expects its third quarter results to be significantly lower than the second quarter with results to be more favorable in the fourth quarter. Dofasco is a leading North American steel solutions provider. Product lines include hot rolled, cold rolled, galvanized, and tinplate flat rolled steels.