Slater Steel Inc., now operating under bankruptcy protection, reported a steep second-quarter loss Monday, largely related to weakness in the firm's stainless steel operations.
For the quarter, Mississauga, Ont.-based Slater reported a net loss of $44.5-million or $2.95 a share, compared with earnings of $3.3-million or 22 cents in the same period a year earlier.
The company had said previously it expected to post a quarterly loss of between $44-million and $50-million.
The loss in the most recent quarter was linked to weak demand for stainless steel bar and soft product pricing, as well as increased input costs, including nickel, scrap, natural gas and electricity.
http://theglobeandmail.com/servlet/story/RTGAM.20030825.wbsteel0815/BNStory/Business/Isn't steel one of those 'indicator' commodities which forecasts out 1/2 to 1 year?
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