Ispat Inland posts record earnings for 2004

Ispat Inland posts record earnings for 2004

Ispat Inland posted a record net income of $258.7 million in 2004, an increase of $311.3 million over the loss of $52.6 million recorded in the previous fiscal year. Net income in the fourth quarter ended on December 31, 2004, was $41.7 million, compared with a loss of $21.4 million in the corresponding quarter of 2003. In 2004, sales revenue of the company increased 42% year-on-year to $3.1 billion. Sales revenue increased to $811 million in the fourth quarter of 2004, a 43% increase from the $567 million in the same quarter of 2003. In 2004, steel shipments increased to 5'614'100 tons, up 6% compared to 2003. However, fourth quarter shipments decreased 5% to 1'285'100 tons.