Oregon Steel Mills reports net loss for Q3

Oregon Steel Mills reports net loss for Q3

The US steel producer Oregon Steel Mills reported a net loss of $20.9 million for the third quarter of 2003 against a net income of $4 million recorded in the corresponding period of 2002. The company's sales decreased to $177.4 million in the same period compared to $219.1 million in the third quarter of 2002. The decline seen in the earnings are in relation with low selling prices of plate, coil and welded pipe products and reduced shipments of welded pipe at the company's Oregon steel division. In the third quarter, the shipments dropped to 431'200 tons from 447'200 tons in 2002. Operating profit of the company was $12.9 million for the third quarter of 2003. However, the company reported its operating profit as $19.8 million in the third quarter of 2002. The EBITDA in the third quarter of 2003 recorded as $2.5 million against $28.8 million in the third quarter of 2002.