Slater Steel announces second quarter financial results
Canadian steelmaker Slater Steel Inc. announced its financial results for the second quarter of 2003. According to these results, company recorded a net loss of $44.5 million when compared to $3.3 million net earning in the same period last year.
According to the notice released by the officials of the company,
stainless steel segments constitute the largest amount of loss due to lower demand for bar products. It is also reported that, increased input costs, including nickel,
scrap, natural gas and electricity impacted the second quarter loss.
For the first six months of 2003, company reported a loss of $53.3 million against $800'000 net earning recorded in the corresponding period last year.
The company's consolidated sales decreased to $163.7 million in the second quarter from $182 million in the second quarter of 2002. The decline in sales is attributed to reduced shipments and lower selling prices in the
stainless steel segment.