Steel Technologies reports decrease in Q1 profit

Steel Technologies reports decrease in Q1 profit

US flat steel processor Steel Technologies has recently reported its first quarter results, ending on December 31, 2003. Accordingly, net income of the company decreased to $2.4 million in the first quarter of current fiscal against the net income of $3.8 million recorded in the same quarter of previous fiscal. On the other hand, sales increased by 4% to a record level of $130.8 million against the sales of $126 million recorded in the first quarter of previous fiscal. Moreover, the amount of tons shipped by the company increased by 7.5% again in the same quarter.