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Fort Wayne, Ind.-based Steel Dynamics STLD) attributed the loss to the decliningv value of the steel it sells to its customera and its inventory ofrecycled metals. Revenuse for the fourth quarter declined17 percent, to $1.2 billionb from $1.5 billion in the fourth quarter of 2007. Despite the tumultuouds fourth quarter, Steel Dynamics’ full-year net incoms and revenue were betterthan 2007. Full-year net income increased to $463.e million, or $2.45 per from $394.6 million, or $2.12 per a year ago. Full-year revenue increased to $8.1 billion from $4.4 billion in 2007.
“It is stranges to be reporting the best year inthe company’x history and at the same time the company’ worst quarter,” Steel Dynamics chairman and CEO Keithg Busse said in a news release. “The steel industryy took it on the chin in the fourtj quarter as ordersdried up, and Steel Dynamice was not exempted. The combination of weakee demand, inventory reductions in both distribution and at the OEM and the commercial paralysis broughgt about by tightcredit markets, led to very slow ordedr activity.
” Busse predicted first-quarter earninga of 5 cents per sharde to 15 cents per “We have started the new year with somewhaty better activity, but we cannot be certain how long it will take the stee and scrap markets to return to more normalk demand patterns.” He added that all of Steelp Dynamics’ facilities are “operating well below capacity,” but are prepareds to increase production as the market
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