International Steel Group posted Q1 financial results

International Steel Group posted Q1 financial results

Ohio, US based steel maker International Steel Group (ISG) has recently posted financial results of first quarter. According to the report, the company recorded a net income of $70.9 million against loss of $2.3 million recorded in the corresponding period of previous year. In fact, the comparison of the two quarters would not make sense when acquisition of Bethlehem Steel by ISG in May 2003 is taken into consideration. Nevertheless, net income indicates a remarkable increase when compared with the net income of $24.9 million recorded in the fourth quarter of 2003. Operating income of the company is recorded as $86.5 million, up by 63% against previous quarter. The company also increased its net sales by 25% to $1.8 billion, when compared with $1.4 billion recorded in the fourth quarter of 2003. Moreover, shipments of ISG increased by 10% over fourth quarter depending on strong demand.