Harris Steel increased its Q1 profit
As previously reported by SteelOrbis, Harris Steel turned over 50% stake at its reinforcing steel operation to Nucor Corporation after an agreement had been reached on February 11, 2004. Harris Steel, reporting its first quarter financial result, attributes the improved results to this sale. Harris Steel reported a net profit of Canadian$12.3 million ($8.8 million) in the first quarter of 2004 against the loss of C$2.5 million ($1.8 million) recorded in the corresponding period of previous year. Moreover, revenue of the company is recorded as C$132.9 million ($95.9 million) in the first quarter of 2004 against revenue of C$112.9 million ($81.5) recorded in the first quarter of 2003.