Iscor announces 41% decrease for Q3

Iscor announces 41% decrease for Q3

South African steel producer Iscor announced its headline earnings as ZAR 352 million (approx. $51 million) for the third quarter ending September 30, 2003 with a 41% decrease when compared to ZAR 601 million recorded in the same period last year. Also, company's revenue dropped to ZAR 4.7 billion from ZAR 4.8 billion. Company officials expressed that the results negatively impacted by the low prices, weak domestic demand and the current strong currency. However in the same period, exports almost doubled to 878'000 tons from 484'000 tons. Domestic demand declined by 23% on the same quarter last year, but was better than the second quarter ending on June 30, 2003.