Oregon Steel Mills posts fourth quarter results

Oregon Steel Mills posts fourth quarter results

Portland based US mini mill Oregon Steel Mills has recently posted its fourth quarter results. According to the report, the company recorded a net loss of $44 million in the fourth quarter of 2003, against the net income of $3.3 million recorded in the same period of 2002. The product sales of the company are recorded as $160.8 million again in the same period against $225.7 million recorded in the corresponding period of 2002. When the figure is examined on twelve year basis, it is observed that the product sales of the company are $684.4 million against $850.5 million recorded in 2002. The average sales price per ton in the fourth quarter of 2003 was $422. This amount was recorded as $515 in the same period of 2002. The decrease in revenue and average sales price is attributed to rising raw material prices and reduced shipments. Shipments of the fourth quarter is recorded as 381'400 tons, against 438'700 tons recorded in the fourth quarter of 2002. Operating loss of the company recorded again in the same quarter of 2003 was $38.4 million, $31.1 million of which was stemmed from the agreement signed with United Steel Workers of America (USWA) to settle labor dispute at company's majority owned subsidiary Rocky Mountain Steel Mills. These negative results are in relation with the higher prices of raw materials and energy, a company official stated. For 2004, the company expects to ship 1.7 million tons and to report better results.