Steel Prices Hurt HTI Q1 Outcome
April 25
00:00
2003
Steel Prices Hurt HTI Q1 Outcome
Jason Sandefur
The increased cost of steel from China, weakened demand in the U.S. economy, and competitive pricing pressures hurt Heads and Threads International LLC performance in the first quarter of 2003. Q1 revenue for the Sayreville, NJ, fastener importer fell 80% to $100,000 on flat revenue of $28 million.
Parent company Alleghany Corp. reported Q1 net earnings plummeted 70% to $7.7 million, while operating income rose 70% to $5.6 million. Q1 revenue dropped 12% to $138.7 million. Web: headsandthreads.com �2003 FastenerNews.com
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