Ispat reports $10 million loss for Q3

Ispat reports $10 million loss for Q3

According to recent market reports, Ispat International NV has announced a net loss of $10 million for the third quarter of 2003 against a net profit of $26 million recorded in the same period last year. Consolidated sales for the third quarter were same as the $1.3 billion reported in the third quarter of 2002. Ispat posted an operating loss of $4 million in the aforementioned period against an operating income of $92 million in the third quarter of 2002. Total steel shipments dropped by 8% to 3.6 million tons in the third quarter compared to 3.9 million tons shipped in the same period last year. The reline of blast furnace No. 7 at Ispat Inland and the strike at Ispat Mexicana in August affected negatively this quarter's operating income. Company's debt at the at end of third quarter was $2.3 billion while capital expenditure amounted to $79 million. Ispat International expects better financial results in the fourth quarter of 2003.