Oregon Steel announces Q2 financial results

Oregon Steel announces Q2 financial results

Portland-based Oregon Steel Mills has recently announced financial results of second quarter ended on June 30, 2004. In line with the report released by the company, net income has been recorded as $14 million when compared with net loss of $51.9 million recorded in the second quarter of 2003. Sales of the company increased to $281.8 million in the subject quarter against $189.9 million recorded in the second quarter of previous fiscal year. Moreover total shipments in the second quarter reached 431'000 tons against the shipments of 422'400 tons recorded in the same period of 2003 fiscal year. Operating income in the second quarter of 2004 has been recorded as $20.3 million against operating loss of $48.6 million recorded in the second quarter of 2003. For 2004, company expects its sales to reach $1 billion on shipments of 1'720'000 tons.