Iscor announced financial results for 2003

Friday, 25 April 2003 13:31:54 (GMT+3)   |  
       

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.

Similar articles

3 - 9 October Weekly market report.. Banchero Costa

13 Oct | Steel News

19 - 25 September Weekly market report.. Banchero Costa

29 Sep | Steel News

ArcelorMittal to cut global output by 50 percent in Q2 2009

29 Apr | Steel News

Long product and billet producers, traders and raw material suppliers came together in committees to share their ...

08 Apr | Steel Matters

ArcelorMittal SA temporarily halts furnace due to technical problems

26 Feb | Steel News

31 August – 5 September Weekly market report.. Banchero Costa

10 Sep | Steel News

US ERW standard pipe market looks strong and steady going forward

28 Jul | Tube and Pipe

8-13 June Weekly market report.. Banchero Costa

20 Jun | Steel News

27 April-02 May Weekly market report..Banchero Costa

09 May | Steel News

January 14-20 Weekly market report..Banchero Costa

22 Jan | Steel News