Global Fastener News

Ivaco Q1 Wire Rod Sales Up; Fastener Sales Down

John Wolz

Ivaco Inc. reported first quarter 2002 operating earnings rose 37% from the same period last year to $25.2 million. Sales rose 3.6% to $230.2 million.
Fastener demand within the fabricated steel products segment declined over the same period of 2001, but moderate price increases and a more favorable product mix provided an EBITDA increase. Total fabricated steel segment sales decreased by $5.8 million.
Ivaco attributed the fastener sales decline to “the continuing impact of last year�s economic recession affecting the North American fastener industry.”
In the steel segment, wire rod shipments and prices increased, offset by escalating scrap prices The steel segment operating earnings were $9.1 million.
CEO Paul Ivanier said the Q1 results “are indicative of the improving trend for the company�s operations when compared to the weak results previously reported for the third and fourth quarters of 2001.”
Ivaco Rolling Mills continues to “run full out and once again set a record by producing 76,200 tons of wire rods in March as well as attaining the highest level of wire rod tons per hour produced during any month in the company�s history.”
Fastener operations are operating at about 80% of capacity and “are expected to return to a higher operating level as the year progresses.”
Web: Ivaco.com �2002 FastenerNews.com