Ipsco reports consecutive loss in the third quarter

Ipsco reports consecutive loss in the third quarter

North American flat rolled steel producer Ipsco Inc. reported a loss of $2 million in the third quarter of 2003, following a loss of $3.5 million in the second quarter. A year before, the company recorded $1 million profit for the third quarter. Sales grew up by 25.5% and reached to $335 million over the same quarter previous year. Ipsco attributed these results to high feedstock and energy costs in the second half of 2003, however added that they expect to gain profit in the last quarter due to recovery in industrial demand and acceptance of price hikes in the market. In the meantime, last week, company received a large dia. spiral welded pipe order of around 150'000 tons for a natural gas pipeline to be constructed in North America. Production of these line pipes with 914 mm dia. is planned to commence next month and complete in June 2004.