Iscor forecasts a decrease of 30% in Q2 profit
According to recent news in the market, South African steel producer Iscor expects a decrease of 30% in its net profit in the second half of fiscal 2003.
An official from Iscor stated that this decrease in the profit is related with the low local demand, strong Rand, payment of ZAR 613 million ( approx. $95 million) to LNM, which possesses 49.9% share in Iscor, under the scope of costsaving contract.
However, Iscor is not discouraged by this decrease. The South African company is in preparation of acquiring Swiss based steel
trading and producing company Duferco.