NatSteel recorded S$42 million profit after loss in 2001

NatSteel recorded S$42 million profit after loss in 2001

In 2002, together with its three main business divisions, Singapore based steelmaker NatSteel reported a pre-tax profit of S$42 million ($24 million) from a S$10.1 million loss recorded in previous year and a S$1.54 billion turnover with an increase of 23.9% compared to 2001. Furthermore, upon the completion of the sale of NatSteel Broadway and NatSteel Brasil in the second half of 2002 NatSteel gained S$589 million, S$291.8 million of this amount being the net gain of the sale. On the other hand, the steel division recorded a S$25.9 million pre-tax operating profit from an operating loss of S$24.5 million in 2001. Likewise, the industrial division reported a pre-tax operating profit of S$8.5 million, reversing a S$1.8 million operating loss. According to Group's 2003 forecasts it is expected that continuing high oil prices and possibility of a war in Iraq will have an adverse effect on main business divisions, particularly the steel and industrial divisions by lowering their earnings for 2003. Despite NatSteel's overall pre-tax profits is expected to maintain its 2002 level, profit after tax is anticipated to be lower because of the sale of its stake in NatSteel Broadway and NatSteel Brasil.