Slater Steel announces loss for Q3

Slater Steel announces loss for Q3

Canadian steelmaker Slater Steel Inc. (SSI) reported a net loss of $247.5 million for the third quarter of 2003 against net earnings of $3.5 million recorded in the same quarter a year earlier. SSI's third quarter net loss included $173.2 million unusual items related to the write down of equipment and cost associated with the idling of Atlas Specialty Steels, Fort Wayne Specialty Alloys and Lemont. SSI also posted a net loss of $300.8 million for the first nine months of 2003. Company's consolidated sales were $145 million for the third quarter of 2003 compared with $169.2 million reported in the same period last year. The decline in sales is in relation with weak market conditions and idling the stainless steel bar operations. In the third quarter, company's net debt amounted to $188.6 million compared to net debt of $162.5 million in the third quarter of 2002.