Ivaco reports loss for Q3

Ivaco reports loss for Q3

North American steelmaker Ivaco Inc. announced a loss of $71 million for the third quarter of 2003 against a profit of $12 million recorded in the same period last year. Furthermore, company's sales were down by 12% to $154 million from $175 million. However, company has stabilized its financial situation since entering into bankruptcy protection in September. Furthermore, company's bankruptcy protection has been extended to February 13, 2004. Ivaco has gone under bankruptcy protection due to the Canadian Dollar's appreciation against US Dollar and high energy and transportation costs.