Ivaco reports Q1 financial results

Ivaco reports Q1 financial results

Canadian steel maker Ivaco has recently announced financial results of first quarter, ended on March 31, 2004. According to the financial results, the company reported loss of $6.3 million however company officials stated that Ivaco is restructuring under court protection and on the way of returning to profitability. Net sales are recorded as $220.8 million, which indicates an increase when compared with $217.7 million recorded in the corresponding period of 2003. Operating earnings of the company decreased to $4.8 million from $10.6 million recorded in the first quarter of 2003. Ivaco, which went bankruptcy protection in September 2003, has recently announced that Ontario Superior Court has extended Ivaco's protection till June 18, 2004.