ISG reports good numbers

Recycling Today, Sept, 2004

The new kid on the steel industry block is flexing some muscle in the earnings department.

International Steel Group Inc. (ISG), Richfield, Ohio, has reported second quarter net income of $94 million and net income of $165 million for the first half 2004. The company reported a net loss of $27.5 million for the second quarter last year and a net loss of $29.8 million for the first half of last year. However, comparisons to 2003 are not especially meaningful weighed against the acquisition of Bethlehem Steel Corp.'s assets last May, the company notes. The acquisition more than doubled ISG's size, according to a news release issued by ISG.

Second quarter 2004 net income of $94.1 million was 33 percent higher than the $70.9 million ISG posted in the first quarter 2004.

Net sales were $2.083 billion, an increase of $313.5 million from the first quarter of 2004. The average selling price per ton shipped increased to $546 in the second quarter of 2004 from $458 in the first quarter as strong global demand for steel continued. Shipments were about the same, and Weirton facilities, acquired during May of 2004, accounted for about 5 percent of second quarter shipments.