Wheeling-Pittsburgh reports 2003 financial results

Wheeling-Pittsburgh reports 2003 financial results

US based steel mill Wheeling-Pittsburg has recently announced its financial results of fourth quarter and year ended December 31, 2003. However, the company emerged from bankruptcy pursuant to the plan of reorganization that became effective on August 1, 2003, hence the financial reports of the period after August 1, 2003 is posted as a different report. According to the report, operating loss of the company is recorded as $21 million in the fourth quarter of 2003 against $11.1 million recorded in the same period of 2002. Net sales in the fourth quarter totaled $237.1 million on shipments of 542'211 tons, against third quarter sales of $241.1 million on shipments of 559'272 tons. Net loss of the company is recorded as $23.7 million in the fourth quarter of 2003, against $13.1 million recorded in the same period of 2002. The company reported operating loss of $33.1 million for the five months ended December 31, 2003. Net sales of the subject period is $396.9 million on the shipments of 912'937 tons. In the seven-month period ended July 31, 2003, operating loss of the company is recorded as $71.3 million. Net sales of the company in this period is recorded as $570.4 million on shipments of 1'305'046 tons.