Novamerican announces Q3 results

Novamerican announces Q3 results

According to latest market reports, North American steel processor and distributor Novamerican Steel Inc. has announced its net income as $2.1 million for the third quarter ended August 31, 2003. This represents a 66% decrease against $6.3 million recorded in the same period last year. Also, company's net sales dropped by 2.6% to $123 million. Novamerican expressed that the second quarter's downward price movement and weak demand adversely affected third quarter's operating results as the company worked through higher cost inventories.