Ispat Iscor announces increase in its earnings

Ispat Iscor announces increase in its earnings

South African steel producer Ispat Iscor has recently posted financial results regarding the six-month period ended on June 30, 2004. According to the report released by the company, earnings have increased to Rand 1.551 billion ($238 million), up by 31% when compared with the figure recorded in the corresponding period of previous year. The increase in the earnings is attributed to the higher steel prices, the increase in domestic demand and the cost reduction efforts of the company. Ispat Iscor officials stated that the planned savings of Rand 200 million ($30.6 million) per annum has started to show its effect and will be fully effective by the end of 2004.