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Virginia-Based Roanoke Electric Steel Reports Decline in Profit.
Knight Ridder/Tribune Business News, February, 1999 by Sturgeon, Jeff
Knight Ridder/Tribune Business News
Feb. 17 -- Profit was off at Roanoke Electric Steel Corp. last quarter, the result of voluntary back-to-back price reductions to cope with a rising tide of imported Asian steel.
Another factor was the company's purchase in December of Steel of West Virginia, which increased overall revenues but also added millions to expenses.
Roanoke Electric Steel said it earned $3.9 million, or 35 cents a share, on sales of $73.4 million during its first quarter, which ended Jan. 31, compared to $4.3 million, or 38 cents a share, on sales of $71.6 million during the same period a year ago.
Revenues rose to $73.4 million from $71.6 million, while expenses rose to $67 million from $64.5 million.
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