Steel Technologies reports Q4 and fiscal year results

Steel Technologies reports Q4 and fiscal year results

The US steel processor Steel Technologies Inc. reported its fourth quarter and fiscal year results ended on September 30, 2003. The company posted its sales as $127 million for the fourth quarter with a 3.1% decrease when compared to $131 million reported in the same period last year. In the fourth quarter, net income was down to $2.4 million from $6.1 million in the same period last year. Company's sales increased by %8 to $512.7 million in the fiscal year ended September 30, 2003 while net income decreased to $9.2 million. The company's shipments were down by about 2.5% from fiscal 2002. Despite the declines, the company expects the financial position to improve in 2004.