Iscor announced financial results for 2003
South
Africa's steelmaker Iscor's financial results for the first nine months at the financial year ending 31 March 2003 is reported to be higher when compared to same period last year. Company declared its profit as Zar 2 billion (approx. $274million) for fiscal year.
Iscor reached this financial improvement with the help of higher steel prices in the market and Saldanha Steel's better performance. Saldanha Steel was formed as a partnership between Iscor Limited and the Industrial Development Corp.(IDC). Despite third quarter earnings were 2% lower than the average of previous two quarter results, the appreciation of South African currency ZAR against US Dollar improved the income by 18% to $79 million At the same time, with the expectancy of the weaker domestic demand to last for some more time, the company is planning to concentrate on imports.
Also, LNM Holdings, who is the second largest steel producer in worldwide ranking holds a total of 47% stake in Iscor.