Novamerican reports 2003 results

Novamerican reports 2003 results

North American steel processor and distributor Novamerican Steel Inc. has announced its net income as $7.5 million for the fourth quarter of 2003, with an increase of 2.9% compared with the $7.3 million recorded in the same period of 2002. Net income in the year ended on November 29, 2003 decreased by 35% to $13.1 million from $20.1 million reported in 2002. Company's sales amounted to $140.8 million in the fourth quater of 2003, up by 15.6% compared to corresponding period of 2002. Year-to-date sales were also up by 8.9% to $507.1 million. The company attributes these results to continued successful expansion and diversification into new products and new geographical and industrial markets.