Iscor announces record results for fiscal year 2003

Iscor announces record results for fiscal year 2003

South African steel producer Iscor today announced a record headline earnings for the fiscal year ending in June 30, 2003 with a headline earning of ZAR 2.5 billion (approx. $339 million) which is five times higher than ZAR 480 million posted in the previous fiscal 2001/2002. Company also increased its revenue by 35% to ZAR 19 billion. These financial results are in close relation with international steel prices, the successful turnaround of the company's Saldanha steel mill, improved efficiencies and significantly lower finance costs which compensate the negative impact of the stronger exchange rate. Company's all business units showed an excellent improvement in margins. Saldanha steel mill posted its operating profit as ZAR 608 million for the fiscal year against ZAR 510 million operating loss in the same period last year. Company officials expressed that the rest of 2003 earnings will be negatively impacted by the low prices, weak domestic demand and the current strong currency.