Ivaco 2001 Sales Down 7.4%
Ivaco 2001 Sales Down 7.4%
John Wolz
Ivaco Inc. reported sales fell 7.4% from the previous year to $892 million for 2001 and a $4 million loss from operations.
“This loss is small when compared to the very substantial losses incurred by the great majority of steel makers in North America in 2001,” CEO Paul Ivanier said.
Ivaco was able to report positive EBITDA and positive cash flow in each of its operating segments, Ivanier noted.
Ivanier predicted a better year for 2002 and noted that the fastener group is now operating at about 80% of capacity “and it is expected that this will increase during the second quarter.”
Ivaco�s 2001 fabricated steel products segment sales totaled $496.5 million, compared with $568 million for the previous year. Operating earnings for fabricated steel dropped from $77 million for 2000 to $44.1 million last year.
Its fabricated steel segment has the capacity of 400,000 tons of wire and wire products and 200,000 tons of fasteners.
Ivaco and two other Canadian wire rod producers have been exempted from the U.S. Section 201 protection action. �2002 FastenerNews.com
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