Ispat Iscor reports increase in its profit
South African steel producer Ispat Iscor has posted its financial results for the third quarter ended on September 30, 2004. According to the report released by the company, operating profit in the third quarter increased to Rand 2.253 billion ($360 million) against Rand 1.214 billion ($195 million) recorded in the previous quarter. Earnings in the subject quarter were recorded as Rand 1.575 billion ($253 million) against Rand 876 million ($141 million) recorded in the previous quarter. The increase in the earnings is attributed to the higher steel prices and higher sales. Revenue in the quarter ended in September was recorded as Rand 6.387 billion ($1.02 billion) against Rand 5.675 billion ($914 million) recorded in the quarter ended in June. Flat rolled steel production at Saldanha mill of Ispat Iscor increased by 46% to 343'000 tons, against 235'000 tons recorded in the previous quarter. Moreover, flat rolled production at Vanderbijlpark was recorded as 805'000 tons against 995'000 tons recorded in the second quarter. Longs production of the company was recorded as 542'000 tons, down by 3% against 557'000 tons recorded in the second quarter of current fiscal. Total steel production in the third quarter amounted to 1'690'000 tons, down by 5% against 1'787'000 tons recorded in the second quarter. Domestic sales volume increased by 33% against last year but by 5% against the previous quarter.