Thursday, July 26, 2007

Stelco loss widens, though sales increase


Stelco Inc. has posted more losses but the steel giant says its performance continues to improve.

Hamilton-based Stelco reported yesterday that its net loss in the second quarter climbed to $41 million from $31 million in the same three months last year.

It marked the fifth-consecutive quarter that the company has spilled red ink since emerging from bankruptcy court protection in the spring of last year.

Although chief executive officer Rodney Mott won't predict when Stelco will show a net quarterly profit, he told analysts that the company continues to cut costs, improve productivity and generate more earnings before interest, taxes, depreciation and amortization.


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