Wheeling-Pitt posts strong Q1 turnaround

Wheeling-Pitt posts strong Q1 turnaround

Wheeling-Pittsburgh Steel’s parent company, Wheeling-Pittsburgh Corporation, today (May 10) released its financial results for the quarter ended March 31, 2005. The company posted net income of $8.1 million for the first quarter of 2005. The company had reported a net loss of $6.7 million the previous year. Net sales for Q1 2005 totaled $399.5 million on shipments of 522’803 tons. Excluding revenue from the sale of raw material, the average selling price of steel shipped during the first quarter of 2005 was $739 per ton. For comparison, net sales in Q1 2004 were $274.2 million on shipments of 538’701 tons.