Smorgon Steel announces 2003 results

Smorgon Steel announces 2003 results

Australian integrated steel producer Smorgon Steel Group Ltd. reported its after tax profit as A$62.1 million (approx. $40 million) for the year ended June 30, 2003, with a 23% increase compared to the previous year. Company's core sales revenue increased by 5.9% to A$ 2.4 billion for 2003 while group sales revenue decreased by 5.7% to A$ 2.5 billion. Company officials expressed that higher prices for scrap and hot rolled coil are in relation with company's results.