Wheeling Pitt reports second quarter earnings

Wheeling Pitt reports second quarter earnings

West Virginia steelmaker Wheeling Pitt Corporation reported its net income fell 91 percent due in large to coal supply issues and the lingering remnants of a 2004 ductwork collapse. Net sales rose to $415.2 million for the second quarter 2005, a year-on-year increase of $59.1 million. Year-to-date net sales were reported as $814.7 million, a 23 percent increase from same period in 2004. Net income was reported as $26 million, or $0.18 per diluted share, compared to $27 million, or $2.79 per diluted share, for the second quarter 2004. Year-to-date 2005 net income was $10.7 million while year-to-date 2004 net income was $20.3 million. James G. Bradley, chairman and CEO, said, "While our second quarter results were affected by our coal supply issues and the lingering impact of the December 2004 basic oxygen furnace ductwork collapse, the impact of these items was lower than in the first quarter. Additional factors affecting our second quarter were our operational transition and ramp-up of our new electric arc furnace and the transition of the flat rolled sheet market." Wheeling-Pittsburgh is a steel company engaged in the making, processing and fabrication of steel and steel products using both integrated and electric arc furnace technology. The company's products include hot rolled and cold rolled sheet and coated products such as galvanized, pre-painted and tin mill sheet.