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November 16th, 2009
- Reports
Brussels Belgium - Bekaert sees Q4 sales matching earlier quarters
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| Belgian steel cord and wire maker Bekaert reported an 11.2 percent drop in nine-month sales on Friday, as expected, and said fourth-quarter sales should be similar to those of previous quarters. Bekaert, whose products are used to reinforce tyres and concrete, has been hit by customer destocking in the battered housing and auto sectors and due to inventory writedowns. Consolidated sales for the first nine months of 2009 came in at 1.82 billion euros ($2.7 billion), exactly in line with the average forecast in a Reuters poll of five analysts. Weak demand in Europe and North America, especially in the automotive and construction markets, led to a sharp drop in sales there during the nine-month period. This was partly offset by strong demand in the Asia-Pacific region, and by the integration of two wire product manufacturing units in Latin America. The group said in a statement that the trend for its automotive-related sales was gradually improving.
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November 12th, 2009
- Reports
Nuremberg Germany - Leoni 3rd Q sales down 38% from same period last year.
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| Leoni, one of the largest providers of cable systems to the automotive sector and other industries, recorded consolidated sales of EUR 531.1 million in the third quarter of 2009. The MDAX-listed company says it has stabilized its business further despite the extended summer holiday plant shutdowns of many vehicle manufacturers. Leoni’s earnings situation improved significantly during the year due to the rapidly and
resolutely implemented cost reduction program: from the beginning of July to the end of September 2009 the Company generated consolidated earnings before interest and taxes (EBIT) of EUR 5.5 million (previous year: EUR 24.2 million), having still recorded losses in the two preceding quarters. The adjusted EBIT amounts to EUR 11 million (previous year: EUR 28.2 million).
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November 3rd, 2009
- Reports
Mumbai India - Tata India a different story from Tata Corus
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| The Indian operations of Tata Steel have shown a 25% jump in sales during August 2009 compared to the same period last year. Thus, compared to sales of 3.92 lakh tonne in August 2008, the steel major sold 4.92 lakh tonne during August this year. The company witnessed 81% increase in sales of long products in August this year, signalling that the construction sector, the main buyers of long products, was gradually gaining momentum.
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October 28th, 2009
- Reports
Hickory North Carolina - CommScope 3rd Q 2009 sales down 25% from 3rd Q 2008.
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| CommScope, Inc, a global leader in infrastructure solutions for communications networks, reported sales of $750.4 million and net income of $45.8 million, for the quarter ended September 30, 2009. The reported quarterly net income includes after-tax charges of approximately $15.3 million for the amortization of purchased intangibles and $2.2 million in restructuring costs. Excluding these special items, adjusted third quarter 2009 earnings were $63.3 million. For the third quarter of 2008, CommScope reported net sales of $1.06 billion and net income of $84.7 million. The reported net income included approximately $9.7 million of net after-tax charges primarily related to the amortization of purchased intangibles somewhat offset by the benefit of aligning certain CommScope and Andrew employee benefit policies and a tax item.
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October 27th, 2009
- Reports
Highland Heights Kentucky - General Cable reports income drop
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| General Cable, a global wire and cable maker, said Monday its third quarter net income dipped to $16.4 million, or 31 cents per share, compared to a year ago when the firm reported net income of $50.5 million, or 94 cents per share. The firm said net sales for the quarter were roughly $1.08 billion, a 25.1 percent decrease from $1.6 billion reported in the third quarter of 2008. Operating income before certain items was $49.4 million compared to $121.4 million in the third quarter of 2008, a decrease of $72 million or 59.3 percent. The decrease in operating income was principally the result of a significant decline in prices in response to lower overall demand in many of the company’s end markets, lower capacity utilization, and the unfavorable impact of changes in foreign currency translation, partially offset by lower selling, general and administrative expenses resulting from continuous cost improvement efforts.
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October 24th, 2009
- Reports
Mount Airy North Carolina - Insteel Industries reports improved 4th Q and Fiscal Year 2009 financial results
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| Insteel Industries, Inc. this past week reported earnings from continuing operations of $2.8 million for the fourth quarter of fiscal 2009 compared with a loss from continuing operations of $1.7 million in the third quarter of fiscal 2009. Earnings from continuing operations in the fourth quarter of fiscal 2008 were $15.6 million. Including the results of discontinued operations, net earnings for the fourth quarter of fiscal 2009 were $1.7 million compared with a net loss of $1.7 million in the third quarter of fiscal 2009. The loss from discontinued operations for the fourth quarter of fiscal 2009 reflects a $1.8 million impairment charge ($1.1 million after-tax) to write down the carrying value of the real estate held for sale associated with the industrial wire business, which the Company exited in 2006. Net earnings in the fourth quarter of fiscal 2008 were $15.7 million. Net sales for the fourth quarter of fiscal 2009 ($61.1 million) increased 7.2% compared with the third quarter of fiscal 2009 ($57.0 million) and decreased 42.5% from the fourth quarter of fiscal 2008 ($106.3 million). Shipments increased 16.4% from the third quarter of fiscal 2009 and decreased 4.4% from the fourth quarter of fiscal 2008. Average selling prices decreased 7.9% from the third quarter of fiscal 2009 and 39.9% from the fourth quarter of fiscal 2008.
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October 23rd, 2009
- Reports
Paris France - Nexans 3rd Q sales down 18.9%
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| Nexans announced Thursday 2009 third-quarter sales of 1,267 million euros (at current non-ferrous metal prices), 988 million euros at constant non-ferrous metal prices*, which correspond to an organic decrease in cable business sales of 18.9%. For the first nine months of the year, the organic drop in cable business sales is a negative 17.2%**, compared with a negative 16.4% at the end of the first half. This deterioration is attributable to the combined effect of an ongoing sharp base effect (sales at September 30, 2008: + 7.2%) and a slight intrinsic deterioration in the third quarter 2009 compared with the second quarter of the same year. This situation was compounded by a slight decline in building cable sales in Europe and Asia-Pacific coupled with a temporary setback in the execution of High Voltage contracts, which should be absorbed by the end of the year.For full press release use this link
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October 21st, 2009
- Reports
Pune India - Sterlite Technologies continues to deliver strong performance Q2 EBITDA up 83%
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| Sterlite's current optical fiber facility of 6 Million-Km is already under expansion to 12 Million-Km, which would get established in the current fiscal. Sterlite has decided to further enhance this capacity to 20 Million-km, which would position Sterlite amongst the Top 3 manufacturers globally. Additionally, Sterlite has decided to enhance the capacity at its power conductors facility to 160,000 Metric tons, which would position the Company as the largest manufacturer globally. Both of these expansion projects are well within their completion schedules.
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October 17th, 2009
- Reports
Bridgewater Massachusetts - Chase Corporation 4th Q revnue down 20%
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| Chase Corporation today reported revenues of $28.4 million for the quarter ended August 31, 2009. This represents a decrease of 20% compared to $35.7 million in the fourth quarter of last year. Net income of $2.8 million decreased 26% from $3.8 million in the prior year period. Revenues for the fiscal year ended August 31, 2009 were $107.6 million which represented a 19% decrease compared to $132.5 million in the prior year. Net income for the fiscal year was $6.4 million in fiscal 2009 compared to $12.4 million in the prior year. Peter R. Chase, Chairman and Chief Executive Officer commented, "2009 has been a challenging fiscal year for Chase Corporation, particularly as it followed our best year ever. Beginning with the financial crash in the middle of the first fiscal quarter we had to face continued declines in the U.S. housing market and a rapid plunge in the automotive sector worldwide. Like many companies we have
been part of the supply chain to these important industries supplying electronic coatings for circuitry used in cars and in appliances for home use. Chase also produces tapes and sealants for cables that supply power, voice and data to homes, offices and industrial sites.
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October 7th, 2009
- Reports
Pune India - Sterlite Technologies records strong and consistent growth - Q1FY10 EBITDA
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| In Q1FY10 Sterlite earned net revenues of Rs. 436 Crores (US$ 90 Million). The operating profit (EBITDA) for the quarter was Rs. 80 Crores (US$ 16.5 Million) up 93% year over year, with an improved margin of 18%. Revenues from international sales reached 36% of total revenues. Says Pravin Agarwal - Director, "We have had a very good quarter and are focused on continuing on our growth path. These results are due to our efficient and enduring business model and we will continue to invest in areas that will help drive growth of our business, to create value for our shareholders and customers."
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August 29th, 2009
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Mumbai India - Tata Steel posts loss, Chairman Ratan Tata sees weak recovery signs
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| Tata Steel, the world's No. 8 steelmaker by output, fell to a surprise net loss in the June quarter on a slowdown in demand in Europe and the United States and warned of a slow global recovery. The Indian company, said it was aiming to rationalize operations in Europe and sharpen its focus on cost management. Analysts said a rebound in earnings would be difficult in the absence of a revival in demand. "There is still no enthusiastic sign of demand coming back in Europe and that remains a worry," one analyst said Tata Steel said its consolidated April-June net loss after minority interests and share of profits of associates was 22.09 billion rupees ($452 million), compared with a profit of 39.01 billion a year earlier. Consolidated net sales fell to 231.81 billion rupees from 433.75 billion, against a forecast of 230 billion.
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August 26th, 2009
- Reports
Copenhagen Denmark - NKT Holding A/S - Half Year financial report
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| NKT Cables realized positive organic growth of 3% in 2nd quarter 2009, which was primarily attributable to the high voltage segment (+20%) and railway catenary wires (+190%). In 2nd quarter 2009 the medium and low voltage segments continued to be affected by the economic recession, with negative organic
growth rates of 20% and 15% respectively against the same period in 2008. EBITDA comprised 10.9% for 2nd quarter 2009, against 13.8% for the same period in 2008. The construction of the new Cologne high voltage factory is proceeding to plan and commercial production has now begun.
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August 18th, 2009
- Reports
Hamburg Germany - Despite the weak economic environment Aurubis AG breaks even
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| After nine months of the current fiscal year, Aurubis AG (Aurubis) has to a great extent made up for the inventory write-downs that burdened the first quarter and has almost succeeded in breaking even with earnings before taxes (EBT) of € - 8 million. Following the EBT of € 65 million generated in the previous quarter, third quarter EBT amounted to € 51 million. At the same time, the negative valuation effects incurred over the fiscal year so far amounted to € 24 million. This resulted in an accumulated operating result of € 16 million. A net cash flow of € 478 million that was € 312 million higher than the comparable figure for the prior year was achieved by consequentially controlling and reducing net working capital.
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August 17th, 2009
- Reports
Johannesburg South Africa - Copper price takes heavy toll At South Ocean
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| Cable manufacturer South Ocean Holdings ' revenue and profit took a major dive in the six months ended June 30 as a combination of the rand copper price, aggressive pricing by competitors and rand volatility took their toll on its performance. This comes at a time when the group's two businesses a manufacturer of low voltage electric wires, South Ocean Electric Wire (SOEW), and lighting company Radiant are on the lookout for growth opportunities. SOEW wants to exploit export opportunities in the rest of Africa.
In the first half of this year, South Ocean's revenue was down by 21% to R451,2 million, compared with R574,9 million in the previous comparable period. The company said yesterday that the slowdown in the construction and building and infrastructure sector had added to the pressure on revenue. At R98million, operating profit was down by 46,6%. Profit before tax fell by 89,5% to R10,8million, while headline earnings per share were down by 81,2%.
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August 13th, 2009
- Reports
Peoria Illinois - Keystone parent reports $1 million profit despite reduced production at Bartonville
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| Keystone Consolidated Industries Inc. reported a $1 million net profit for the second quarter despite reducing production as its customers continued to struggle. While the Dallas-based parent of Keystone Steel & Wire in Bartonville lost money from operations, it realized a net profit because of a one-time, $4 million reduction in costs, said the report issued Friday. However, Keystone posted a loss of $3.4 million, or 28 cents a share, for the first six months of 2009. It had a profit of nearly $36 million through the first half of 2008. The second-quarter profit, was well below the $21.9 million profit, posted in the second quarter of 2008 because of lower sales volumes, the report said. But it came at a time when the economy still is negatively affecting Keystone customers and, therefore, the company itself, said Bert Downing, vice president and chief financial officer.
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August 11th, 2009
- Reports
Vancouver British Columbia - Tree Island loses $20.9Million in Q2
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| Tree Island Wire Income Fund, a Vancouver-based manufacturer of wire, nails and other metal products, reported a net loss of $20.9 million in the second quarter, compared with profits of just over $9 million in the same year-earlier period. Revenues fell by half to $47.4 million from $95 million in the same period in 2008. The decrease reflects lower sales volumes and selling prices, partially offset by the favourable impact of a weaker Canadian dollar on revenue. Inn July the company changed CEO see earlier reporting July 8
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August 8th, 2009
- Reports
Highland Heights Kentucky - General Cable 2nd Q 2009 sales fall 16% from 2nd Q 2008
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| Net sales for the second quarter of 2009 were $1,133.1 million, a decrease of $225.0 million or 16.6% compared to the second quarter of 2008 on a metal-adjusted basis. Included in these results are $32.6 million of revenues from acquired businesses and $173.4 million related to unfavorable changes in foreign currency exchange rates. Volume based on metal pounds sold, without the impact of incremental volume from acquired businesses, decreased 19.8% in the second quarter of 2009 compared to 2008, and was down 2.2% compared to the first quarter of 2009.
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August 4th, 2009
- Reports
Brussels Belgium - Bekaert H1 hit by de-stocking write-downs
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| Belgian steel cord and wire manufacturer Bekaert posted a slide in first-half profits, hit by customer de-stocking in the battered housing and auto sectors and inventory write-downs, but said the price of wire rod had likely hit a bottom. Bekaert, in a statement on Friday, reported a 47 percent drop in first-half operating profit, because of continued weak demand in Europe and North America. "Everyone is selling stock but nobody is buying. That has had a very significant impact in Europe," Chief Executive Bert De Graeve told a news conference. Recurring earnings before interest and tax (REBIT) fell to 86 million euros ($121 million), just above the average estimate of 85 million euros in a Reuters poll of seven analysts. Decreasing wire rod prices also led to a 40 million euro hit on the profit margin in the first half of 2009, De Graeve said.
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July 30th, 2009
- Reports
Glennview Illinois - Anixter International Inc. Reports 2nd Q Net Loss of $89.8 million
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| Anixter International Inc. is a leading global distributor of communication products, electrical and electronic wire & cable, fasteners and other small parts, which is why we highlight the company results. Anixter yesterday reported results for the quarter ended July 3, 2009. Commenting on second quarter sales trends, Robert Eck, President and CEO stated: "Reduced sales volumes, lower copper prices and the translation effects of a stronger dollar combined to negatively affect performance in the second quarter". "In addition to the effects of lower sales, we also saw lower gross margins primarily due to larger sales declines in our higher gross margin European segment and key end markets, including North American electrical wire & cable and worldwide OEM supply, than elsewhere in the business." "While the expense actions taken over the past few quarters are clearly producing their intended results, they have not been sufficient to offset continued sales weakness and the lack of a seasonal upturn in the business.
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July 29th, 2009
- Reports
Corning New York - This is all information Corning offered shareholders about fiber & cable
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| Telecommunications segment sales were $437 million, an increase of 14% over the previous quarter. Corning again experienced strong demand for optical fiber and cable in China. In North America, the company saw increased demand for its fiber-to-the-home products. Of this fiber and cable sales in 2nd Q were US$ 235 million up 22.4% from US$ 192 million in 1st Q and total sales for H1 2009 US$ 427 million. This compares with US$ 214 million in Q1 2008 and US$ 248 million in Q2 i.e. a slight drop of 5,25% from Q2 2008.
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July 29th, 2009
- Reports
Paris France - Nexans presents 2009 First Half-Year Results
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| The Nexans Board of Directors chaired by Frédéric Vincent met on July 27 to examine the Group’s consolidated financial statements for the first half of 2009: Sales for the first half of 2009 amounted to 2,514 million euros, or 2,085 million euros at constant non-ferrous metal prices*. This figure: reflects a 12.1% slide compared with the same period a year earlier at the current consolidation scope. This includes the contribution of the companies acquired from Madeco and Intercond;. If these are excluded sales reflects a 16.4%** decrease at a constant scope for the cable businesses alone, as Europe and North America being the areas mainly affected by the crisis. The result of second quarter 2009 shows sales being 1.7% higher than in the first quarter, for cable businesses, reflecting a stabilized situation.
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July 27th, 2009
- Reports
Beijing China - Chinese steel mills expected to suffer huge losses in H1
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| China Securities Journal reported that Chinese listed steel firms may eye huge loss in the H1 based on the earnings forecasts released so far as the global recession cut demand and price notably. Totaling 26 listed steel mills have unveiled their H1 earnings report so far according to statistics of which 12 speculates profit falls while the remainder expects losses. According to forecasts, aggregate net profit for the 26 mills amounts to negative CNY 8.635 billion a massive drop of 124.55% from the CNY 35.178 billion of a year ago. Total loss of the mills posted at CNY 3.513 billion in the Q1 and worsened to CNY 5.121 billion in the Q2 off 45.77% on quarterly basis. According to the report, however the loss may be over estimated as the result was calculated by the maximum of the loss or falls forecasted by these mills while in fact their real profit might be a little better.
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July 21st, 2009
- Reports
Pune India - Sterlite Technologies records strong and consistent growth; Q1FY10 (ended June 30) EBITDA up 93%
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| At the start of Q2FY10, the Company has a strong order book of about Rs. 1,600 Crores for its power and telecom products. The cash flow during the quarter has been strong. International sales reached Rs. 156 Crores in Q1FY09. Receipt of repeat orders from current customers and the addition of new eminent global customers Sterlite’s global footprint extends to Europe, Africa, Middle East & China. During the quarter Sterlite received contract from BSNL of Rs. 372 crores for enabling a Fiber-to-the-Home (FTTH) Network In the Voice & Data 100 2009 survey, Sterlite was positioned as the ‘Top Telecom Cables Company’ for the 6th consecutive year.
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July 18th, 2009
- Reports
Mount Airy North Carolina - Insteel sees sales fall and reports loss
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Insteel Industries posted a net loss of $1.7 million in the its fiscal third quarter that ended in June, compared total profit of $16.9 million a year earlier. Net sales for the quarter fell 45.4 percent to $57 million from $104.3 million, the company said Both shipments and average selling prices were also down. For the first nine months of the fiscal year, the Mount Airy-based Insteel has lost $23.8 million, compared to net earnings of $28.1 million for the previous year.
Insteel Industries Inc. said it is prepared to raise its prices in the event recently announced wire rod producer prices hold through August.
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July 9th, 2009
- Reports
Pittsburg Pennsylvania - Alcoa’s boss explains that 2ndQ loss of $454-million could have been worse –save for cost cutting efforts
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| Chief executive officer Klaus Kleinfeld presented better-than-expected earnings as he tried boosting the assessment of the company's prospects for the rest of the year.“Over all, the global environment clearly remains challenging but I believe we do see some pockets of growth like China and signs of stabilization in the United States,” he said. The largest U.S. aluminum producer, Alcoa has drastically reduced output, cut its dividend, slashed staff and raised $1.3-billion (U.S.) since the recession began in an effort to withstand lower commodity prices and growing stockpiles. The changes have saved millions of dollars, $270-million in overhead costs alone so far this year. They also helped the company beat second-quarter expectations by a wide margin.
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June 16th, 2009
- Reports
Brantford, Ontario - EU power lines 'too old to deliver 2020 renewables target'
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Europe's electricity grid needs a radical overhaul if it is to distribute the renewable energy capacity that governments have committed to building by 2020, according to Europe's leading science academies. They argue that the continent's ageing grid infrastructure is incapable of transferring energy over the long distances demanded by renewable power stations, which are often built in remote locations, far from population centres.
In a report for the European Commission, published today by the the European Academies Science Advisory Council (Easac), experts called on national governments to co-ordinate their grids and invest in new technologies such as high-voltage direct current (HVDC) transmission lines to better prepare Europe for a future of green electricity."The whole transmission and distribution system needs redesigning," said Mike Sterling, an electrical engineer and fellow of the Royal Academy of Engineering in the UK, who chaired the electricity grid working group on behalf of Easac.
The EU has committed to sourcing 20% of its energy from renewable sources by 2020 but experts said this generating capacity will be wasted unless it can be distributed properly.
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June 8th, 2009
- Reports
Kolkata India - Usha Martin sees FY10 margins and revenue growing
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| Steel wire ropes maker Usha Martin Ltd told Reuters reporter Niladri Bhattacharya in an interview that the company expects operating margins to grow by 20 percent in the current fiscal and sees revenues growing 10-15 percent, a top official said on Friday. "We expect our margins to grow by 20 percent on the back of high domestic demand," Revenues would also grow, bouyed by higher government spending on infrastructure and stable steel prices, Managing Director Rajeev Jhawar said, adding that he expects to see a 3-4 basis point increase in margins in 2009/10. "Raw material prices have corrected significantly, and also, steel prices are expected to stabilise at current levels." "Given the proposed government spending in the infrastructure sector, which should benefit the steel sector, our revenues would grow by 10 to 15 percent in the current fiscal," he said.
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May 29th, 2009
- Reports
Cairo Egypt - El Sewedy Cables reports falling sales and a 26 percent decline in profit
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| Egypt's El Sewedy Cables posted a 26 percent decline in net profit for the first quarter of 2009 to 192 million Egyptian pounds ($34 million) as wire and cables sales dropped, the firm said on Thursday. Sewedy, the largest Arab cable maker by market value, also posted a drop in revenues to 2.415 billion pounds as sales from its wire and cables segment declined 25 percent to 1.9 billion pounds due to a sharp increase raw materials prices. Sales from electrical products declined 8 percent to 240 million pounds, while turnkey projects surged 49 percent to 282 million pounds. Earnings before interest, tax, depreciation and amortization dipped 21 percent to 286 million pounds. The company said the EBITDA figures from the first quarter of 2008 had included a one-off gain of 30 million pounds from an acquisition.
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May 14th, 2009
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Hamburg, Germany - Aurubis AG generates positive operating result Operating cash flow at high prior-year level
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| Aurubis AG has succeeded in achieving a significant improvement in its earnings for the first half-year compared with the first quarter. While the first quarter had been burdened by inventory write-downs, increasing metal prices in the second quarter resulted in positive valuation effects. The loss of € 124 million (EBT) in the first quarter was reduced to € -59 million for the first half-year thanks to the positive earnings of € 65 million for the second quarter. After deduction of the accumulated valuation effects (€ -66 million), there was a positive operating EBT of € 7 million for the first half-year. This reflected the difficult market environment, above all for sulphuric acid and copper scrap, as well as our sound position. Despite the inclusion of Cumerio, revenues at € 3.03 billion were below the prior-year figure of € 3.36 billion on account of the lower metal prices.
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May 14th, 2009
- Reports
Brussels Belgium - Bekaert reports stable consolidated sales in 1st Quarter
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| Bekaert's first quarter consolidated sales were stable in comparison with the first quarter of an exceptional 2008, with strong differences between regions. Weak market demand in EMEA and North America drove an organic sales decline of 14.3%. This was fully offset by the integration of Prodac (Peru) and Ideal Alambrec (Ecuador) in Latin America, which added 6.5%, and the positive impact of currency movements, which contributed 7.7%. Combined sales decreased 12.7% in comparison with the first quarter of last year. This was a result of lower market demand that was reflected in an organic decline of 15.0%, slightly tempered by favorable exchange rate differences of 2.3%.
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May 12th, 2009
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Tokyo Japan - Fujikura 19 Billion yen in the red as sales drop 13 percent
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| Fujikura Ltd. Japan’s third-biggest maker of wire and cable posted a net loss of 19 billion yen in the year just ended, with a 13 percent drop in sales. The company forecast its loss will narrow to 4 billion yen this fiscal year. Fujikura shares advanced 3 percent to 381 yen.
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May 12th, 2009
- Reports
Nuremberg Germany - Leoni records sales decline and negative result in 1st Q 2009
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| The intensified worldwide financial and economic crisis exerted the expected heavily adverse effect on the
performance of Leoni AG’s business in early 2009. Although the downtrend did level out somewhat in March following the extremely weak demand in the months of January and February, the consolidated sales for the first quarter of 2009 of this leading provider of cable systems to the automotive and other industries
were nevertheless down by 36 percent year on year to EUR 492.4 million (previous year: EUR 770.6 million). The reduced capacity utilization took earnings before interest and taxes (EBIT) to a loss of
EUR 45.6 million (previous year: profit of EUR 34.1 million), although the losses did come down significantly in March. Taking the budgeted finance costs and taxes into account, the Group reported a net loss of EUR 49.7 million versus net income of EUR 20.0 million in the first quarter of 2008.
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April 30th, 2009
- Reports
Glennview Illinois - Anixter International profits down 50% in Q1
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| Cable and wire products distributor Anixter International Inc's first-quarter profit halved, missing Wall Street expectations, but anticipated by people closer to the real economy. A strong dollar and a decline in the spot market price of copper impacted the results. For the quarter, net income was $25.7 million, compared with $55.8 million, a year ago. Sales fell 14 percent to $1.27 billion, while much of the industry especially steel and fastener producers were operating at 40% capacity. The largest organic sales decline was in the European original equipment manufacturer (OEM) supply business, which was hurt by significant customer production cutbacks, the company said.
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April 30th, 2009
- Reports
Luxembourg - No surprise that ArcelorMittal Q1 results were bad but not quite as bad.
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| ArcelorMittal, the world's largest steelmaker, slumped more than expected in the first quarter as demand collapsed, and the prospect of a second quarter uptick was not enough to halt a slide in its shares. The much-watched EBITDA (earnings before interest, tax, depreciation and amortization) dropped 82 percent to $883 million in the January-March period, ArcelorMittal had forecast a figure of about $1 billion, with a 15 percent variation, due to final quarter price cuts of up to 40 percent and nearly halved output as key auto and construction markets fell into crisis. It forecast production would remain at around 50 percent of capacity in the second quarter.
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April 29th, 2009
- Reports
Sandviken Sweden - Sandvik results shocks stock analysts but not industry insiders
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| The market situation for Sandvik Materials Technology that includes wire and tube remained very weak during the first quarter of 2009, mainly because of low demand from most customer segments. An exception being the energy segment, (which includes Sandvik Tube) comprising products for nuclear power and oil/gas, continued to perform strongly in the first quarter. To this effect Sandvik Inc. has leased new industrial space in northwest Houston that will allow the company to expand the local material technology tube products operation by 60 percent. The 80,000-square-foot building in Cole Creek Business Park where it will house the southeast regional sales office and warehouse for material technology tube products.
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April 28th, 2009
- Reports
Corning New York - Recession bites into Cornings Q1 results
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| Corning Incorporated announced Monday its results for the first quarter of 2009, as well as its expectations for the second quarter. Sales dropped 9% to US$ 989 million. Corning's equity earnings were $195 million, down significantly from last year's fourth-quarter equity earnings of $288 million. Equity earnings from Dow Corning Corporation were $5 million, an appreciable decline from the fourth quarter. First-quarter equity earnings from Dow Corning include $29 million in restructuring charges. Samsung Corning Precision's equity earnings contribution was $187 million, down 2% versus the fourth quarter of last year. Volume gains were more than offset by price declines, which were higher than Corning's wholly owned business. Telecommunications segment sales were $385 million, down 5% sequentially. Stronger optical fiber, cable and private network demand in China was offset by lower private network, cable, and hardware and equipment sales in North America.
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April 23rd, 2009
- Reports
Paris France - Nexans cable business sales down 8.3% in the first quarter of 2009
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| Nexans has announced 2009 first-quarter sales of 1,245 million euros. At constant non-ferrous metal prices* and consolidation scope, the quarter~{!/~}s sales stood at 1,043 million euros, down 8.3% for Cable business compared with the good first quarter 2008 (down 9.9% when including electrical wires). In a difficult global economic climate, the Group benefited from the good performance of its new activities in South America following the acquisition in September 2008 of the Madeco group~{!/~}s cable business. At a comparable scope and exchange rate, cable business sales were down 14.6% because of the sharp fall in economic activity (and particularly in January) both in Europe and North America. This contraction is in line with the trend observed in the fourth quarter of 2008. As expected, Energy Infrastructures withstood the current conditions better than the other segments in the first quarter of 2009. The areas where the Group has invested heavily in the past three years are evolving more favorably with sales holding steady in the Asia-Pacific and MERA (Middle East-Russia-Africa) areas. For full press release use
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April 20th, 2009
- Reports
Mount Airy North Carolina - Inventory write down pushes Insteel 2nd-Q into the red
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| Insteel Industries, Inc. reported a net loss of $16.4 million for the second quarter ended March 28, 2009 The loss was caused by a pretax charge of $16.1 million for write down to reduce the carrying value of inventory to the lower of cost or market. This result compares to net earnings of $6.9 million for the same period last year. Net sales for the second quarter decreased 34.8% to $50.4 million from $77.3 million in the same year-ago period. Shipments decreased 45.5% while average selling prices increased 19.7% from the same period last year.
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April 15th, 2009
- Reports
Highland Heights Kentucky - General Cable confident about 2009 and beyond
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| Commenting on General Cable's financial result in 2008 and looking forward Gregory Kenny said that while 2009 will not be easy, we believe General Cable is a stronger Company today than at any time in its history. We are firm believers that if you have laid the proper groundwork and have the right toolset, adversity can be a source of great opportunity. We have the right people, the right culture, the right products and we are serving the right markets. We will continue to think long-term while quietly adjusting to the current environment.
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April 8th, 2009
- Reports
Vancouver British Columbia - Declining rod prices causes $20.4 million write down at Tree Island Wire.
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| Tree Island Wire Income Fund (the "Fund") today released fourth quarter and full year 2008 financial results. The Fund's results are based on the performance of Tree Island Industries Ltd. ("Tree Island" or "the company") - one of North America's largest producers of wire and fabricated wire products. For the 12 months ended December 31, 2008, sales volumes increased 4.6% to 237,190 tons and revenue increased 22.2% to $322.7 million
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April 7th, 2009
- Reports
Buttrio, Italy - Danieli cuts full-year profit forecast.
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| Danieli SpA, the Italian steel-mill engineering company that builds wire rod mills, parent of Wean United and Morgardshammar cut its full-year profit forecast for the second time and may eliminate jobs at a unit, Chief Executive Officer Gianpietro Benedetti said. Earnings before interest, taxes, depreciation and amortization for the year through June may miss an October forecast of 280 million euros ($375 million) to 300 million euros by as much as 20 percent, Benedetti told Blombergs. On Feb. 27 the company said it would miss the projection by 15 percent. "Uncertainty is high and we will have to evaluate the level of global demand in the coming months," Benedetti said from Danieli~{!/~}s headquarters in Buttrio, Italy. Danieli, which also has a specialist steel-making business, will evaluate its Italian ABS unit~{!/~}s performance in the next six months and may make job cuts if demand doesn~{!/~}t improve, Benedetti said. The company~{!/~}s steel-making business is operating at less than 50 percent capacity, he added. The equipment unit, which accounts for most of the company~{!/~}s sales, hasn~{!/~}t had any order cancellations yet, the executive said. The company may need to take ~{!0~}prudential action~{!1~} to preserve cash, he said.
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March 17th, 2009
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Zwevegem Belgium - Bekaert reports strong 2008 results
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| Bekaert advanced wire products posted vigorous sales growth across nearly all activity platforms throughout 2008. Earnings increased significantly as a result of accelerated business development in emerging countries and Bekaert's continued efforts for product portfolio and capacity optimization. - Significant expansion in emerging markets Steel cord China (+64%), wire Asia (+74%) and wire Latin America (+20%) represented 56% of the revenues of the advanced wire products business segment, versus 52% in the same period of last year. Combined with sales generated by the Central European activity platforms, total sales in emerging markets added up to over 70%. For full report use this link
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March 16th, 2009
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Bartonville Illinois - Keystone defies recession as operations put in strong performance
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| Keystone Consolidated Industries Inc. used pension and other benefit credits to overcome the economic downturn in the fourth quarter, the company said Thursday. But operations were strong enough themselves for the full year to enable the company to post a healthy profit in 2008. In fact, said Bert Downing Jr., company vice president and chief financial officer, "2008 turned out to be one of the better years we’ve had in a while." Keystone Consolidated, the Dallas-based parent company of Keystone Steel & Wire Co. in Bartonville, reported a net profit of $6.6 million, or 55 cents a share, during the fourth quarter, compared with a net profit of $13.3 million, or $1.33 a share, in the fourth quarter of 2007. The company, which like all industry felt the effects of the economic crisis in the fourth quarter, sustained an operating loss of $7.9 million.
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March 13th, 2009
- Reports
London U.K. - Bridon did well in 2008 and enters 2009 with record order books
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| Melrose PLC said in a press release via London Stock Exchange Aggregated Regulatory News Service that its subsidiary wire rope maker Bridon performed well in the six months ended 31 December 2008 on the back of strong demand in its principal markets of oil and gas, mining and high-performance cranes. Although the cost of Bridon's major raw material (steel) continued to rise rapidly during most of the period, management was successful in passing these costs on through a mixture of surcharges and contractual escalation provisions. Bridon also benefited from movements in foreign exchange rates as sales made in US dollars and Euros increased in Sterling terms. Cash generation was particularly good with 105% of profit being turned into cash in the period.
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March 12th, 2009
- Reports
Johannesburg South Africa - Cable maker South Ocean Holdings sees 2nd Half sales drop as customers hold back placing orders.
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| Cable maker South Ocean Holdings endured tough second half trading in the year to end-December 2008 as the markedly lower copper price saw clients stalling orders in anticipation of lower prices. The group finished the financial year with earnings of just R61m or 39c/share. Considering it reported interim earnings of 45c/share or R70m, it would seem South Ocean slipped into the red at bottom line during the second half. The group had previously indicated that the second half was traditionally a stronger trading period, and commentary on the interim results to end-June pointed at a sound full-year showing.
But the dramatic fall in the copper price has clearly changed the profit outlook for South Ocean - so much so that the company skipped its final dividend due to "cash flow constraints".
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March 9th, 2009
- Reports
Amsterdam The Netherlands - Draka Revenue in 2008 down 3.9% driven by lower volume and lower copper prices.
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| Revenue in 2008 was down 3.9% compared with 2007, at Euro 2,706.8 million, reflecting the sharp fall in the price of copper in the second half of the year (effect on revenue –1.9%), lower volume(–1.7%) and adverse exchange-rate effects (–2.4%). Acquisitions and consolidations added 2.1%. The operating result, excluding non-recurring items, was down 8.6% at Euro 133.1 million, due to the lower volume, which translated into lower capacity utilization, a more difficult price environment and adverse exchange-rate effects. Cost savings of Euro 10 million were not sufficient to compensate fully for this downturn. At constant exchange rates, the operating result excluding non-recurring items was € 140.9 million (–3.3%). The operating margin contracted a little to 4.9%, compared with 5.2% in 2007. The Industry & Specialty Group's margin improved to 6.2% (2007: 5.7%), but margins in the Energy & Infrastructure and Communications Groups fell to 6.8% (7.4%) and 2.8% (3.0%), respectively.
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March 2nd, 2009
- Reports
Roanoke Virginia - Optical Cable Corporation Reports net sales growth in fiscal year 2008 of 34.1%, reaching a record $61.0 million for the year.
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| Optical Cable Corporation announced Friday financial results for its fiscal year and fourth quarter ended October 31, 2008. The Company recorded significant increases in net sales, gross profit and net income during fiscal year 2008 as a result of successful efforts to grow organically and through acquisition. Net sales for fiscal year 2008 increased 34.1% to a record $61.0 million compared to net sales of $45.5 million for fiscal year 2007. Net sales of fiber optic cables showed particular strength -- increasing 16.4% to $53.0 million as compared to $45.5 million in the prior year. The acquisition of SMP Data Communications on May 30, 2008 added $8.0 million to Optical Cable's net sales during fiscal year 2008. Exclusive of the impact of the acquisition of SMP Data Communications, net sales to customers located outside of the United States continued to show substantial strength during fiscal year 2008, increasing 32.5% compared to last year, as did net sales to customers located in the United States, which increased 10.0%.
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February 28th, 2009
- Reports
Madrid Spain - Acerinox says stainless prices could start improving soon
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| Acerinox Group reported a loss of 10.5 million euros, in 2008 after taxes. The troubles affecting the stainless steel sector in view of the world industrial activity collapse, has led the company to carry out a provision to adjust inventories to net realizable values for an amount of 128.4 million euros. This extraordinary provision is the cause of the loss registered by Acerinox Group for the first time since year 1977. Should this provision not been carried out, we would have achieved a positive result before taxes of 111.7 million euros in year 2008 the company said. Demand for stainless steel has stabilized in the first quarter, the chief executive of Spanish maker Acerinox said on Friday, adding that he did not see prices and demand taking another downward dive. He said while some makers were charging as little as 850 euros a tonne as a base price for the benchmark product, the price at Acerinox was around 950 euros/tonne.
He added that while in a few contracts, prices had edged up, this did not represent a general trend in the market. For full financial report use this link
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February 20th, 2009
- Reports
Oslo Norway - Norsk Hydro results fall on write-downs and weak aluminum markets
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| Hydro's underlying EBIT was NOK 868 million in the fourth quarter, including inventory write-downs of about NOK 700 million. Underlying EBIT amounted to NOK 1,490 million in the third quarter and 1,699 million in the fourth quarter of 2007. Hydro's results for the quarter reflect the ongoing financial crisis, which has led to a dramatic drop in aluminum prices as a result of a sharp fall in global demand. Underlying EBIT for the full-year 2008 fell to NOK 6,009 million from the solid result of NOK 10,153 million in 2007, as higher raw material costs affecting the entire industry had a substantial impact on Hydro's results in addition to the economic downturn in the fourth quarter.
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February 14th, 2009
- Reports
Luxembourg - ArcelorMittal sees gloomy start to the year but its shares gained 4.1 percent
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| ArcelorMittal on Wednesday warned that its underlining earnings were expected to slide by 80 per cent in the first quarter of 2009, while also announcing that it had made an after-tax loss in the final quarter of last year. The world~{!/~}s biggest steelmaker said it expected its earnings before interest, tax, depreciation and amortization (ebitda) to be only $1bn in the first three months of this year, compared with $5bn in the corresponding time last year. The Luxembourg-based company, whose chairman and main owner is Indian entrepreneur Lakshmi Mittal, also said it made a net loss of $2.6bn in the fourth quarter last year, against a net profit of $2.4bn in the same period of 2007. Profits at the level of ebitda came in at $2.8bn for the most recent quarter, down 42 per cent on the $4.8bn achieved in the equivalent period in the previous year. The steep deterioration in the world economy has caused large users of steel in industries such as construction and cars to scale back massively on orders, leading to a big decline in steel output and triggering a large fall in prices.
ArcelorMittal~{!/~}s quarterly loss at the after-tax stage was linked to a $3.1bn exceptional charge for the final three months. This was due to costs associated with redundancies, legal actions and writing down the value of stockpiles of steel and raw materials. The company reduced output by nearly 40 per cent in the final quarter, compared to the year previously. Mr Mittal said business conditions were likely to remain ~{!0~}challenging~{!0~} in the first quarter, although there were some signs of an improvement, most notably indications of a small pick-up in demand in China. For the whole of 2008, ebitda came in at $24.5bn, 26 per cent ahead of the $19.4bn in 2007, on sales 19 per cent higher at $124.9bn.
In the most recent quarter, the company reduced its net debts by $6bn, to $26.5bn.It has announced 9,000 redundancies out of its total of 320,000 and hinted that more could be on the way if the global economy fails to respond to government stimulus programs. The company is pinning its hopes on an overall economic uplift around the middle of this year that would see a gradual restoration to profitability. Its shares rose 4.1 per cent at €20.76, having gained as much as 6.6 per cent earlier. To view full financial report use this link
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February 13th, 2009
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Paris France - Nexans report improved profitability and strong positive cash flow position in 2008
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| The Nexans Board of Directors chaired by G~{(&~}rard Hauser, met on February 11, 2009, and approved the accounts for 2008. In a press release the company said that 2008 net sales totaled 6.799 billion euros, compared with 7.412 billion euros in 2007. At constant non-ferrous metal prices and exchange rates, sales amounted to 4.776 billion euros, compared with 4.689 billion euros in 2007. The 2008 net sales include consolidation of two recent Group acquisitions, Intercond and the cables activities of Madeco. Organic growth of cable businesses totaled 6%. Operating margin totaled 427 million euros, an increase on 2007 figures despite the severe economic downturn in the fourth quarter of 2008. Operating margin also rose as a percentage of sales from 8.5% to 8.9% at constant nonferrous metal prices, allowing the Group to see additional improvement in profitability. Income before taxes stood at 135 million euros in 2008, compared with 281 million euros in 2007. This sharp drop was largely due to a write-down for a non-cash expense of 165 million euros, under IFRS guidelines, which produced a temporary gap between the cost of copper used (based on the average cost due to the fungibles of inventory) and the actual cost of copper for customer orders. For full press release use this link
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February 13th, 2009
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Hamburg Germany - Norddeutsche Affinerie AG reports significant inventory write down due to plummeting copper price
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| On account of the drastically reduced copper price, significant write-downs on copper inventories not affecting cash flow had to be carried out that could be partly compensated by positive price hedging transactions and valuation impacts. The total valuation effects were in the amount of Euro - 143 million and resulted in sharply negative earnings before taxes of Euro -124 million for the quarter (Euro +88 million in the prior year). For full press release use this link
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February 9th, 2009
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Copenhagen Denmark - NKT confirms 2008 results will be as forecasted.
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| NKT holdings confirmed that forecast 2008 earnings both for the NKT Group and for the individual business segments remain in line with the figures reported December 18. This means that the Group~{!/~}s overall net income before tax and after restructuring costs is still estimated at just under 600 million DKK. Developments in liquidity in the year's final months were similarly as planned, and forecast net interest bearing debt at the end of 2008 is just short of 2.3 billion DKK. The final, audited annual report for 2008, including earnings expectations for 2009, will be published on 5 March 2009. Since August 2008, in step with the changing market conditions, NKT Cables has introduced a number of structural initiatives and adjustment measures. NKT Cables has shed 300 production and sales jobs in its low voltage cables business, around 10% of the total staff. The product program for this customer segment has also undergone minor rationalization. This has resulted in restructuring costs of 75 million DKK, which are included in our earnings forecast for 2008. When published, the earnings projections for 2009 will not include further adjustment measures relating to NKT Cables. However, any further deterioration in market conditions will lead to additional measures being introduced, details of which will be provided.
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January 30th, 2009
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Minsk Belarus - BMZ Increased Commercial Output by 11.4% in 2008
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| In 2008, the commercial output of the Belarusian Steel Works (BMZ trademark) amounted to 2.41 million tonnes or up 11.4% compared with 2007. According to preliminary data, the enterprise produced 1.43 million tonnes of rolled metal, 636 thousand tonnes of casting block and bloom, 95.3 thousand tonnes of steel cord, 37.5 thousand tonnes of bead wire, 37.3 thousand tonnes of seamless hot-rolled pipes and 131.2 thousand tonnes of other kinds of steel wire.
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January 28th, 2009
- Reports
Corning New York - Corning's Fiber & optic cable see sales drop sharply in 4th Q
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| Corning Incorporated announced Tuesday results for the fourth quarter and full year 2008, along with the company's planned restructuring actions. Telecommunications segment sales were $405 million, down 18% sequentially and 6% compared to the fourth quarter of 2007 of which cable and fiber sales accounted for US$ 200 million down sharply from US$ 258 million in the 3rd Quarter. "We experienced a significant momentum shift in many of our core businesses in the fourth quarter as the recession took hold," Wendell P. Weeks, chairman and chief executive officer, said. "As a result, we are adjusting our operations to reflect anticipated lower sales in 2009. We are also moving aggressively to reduce operating expenses and capital spending to continue to meet our goals of positive free cash flow and a healthy balance sheet."
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January 21st, 2009
- Reports
Vancouver British Columbia - Tree Island announces inventory write down and suspension of cash distributions in response to steel price devaluation
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| Tree Island Wire Income Fund (the "Fund") today announced that, as a result of the global economic crisis which led to an unprecedented decrease in global steel prices during the fourth quarter of 2008, its raw material and finished goods inventories are overvalued by approximately $27 to $30 million based on current market prices. In accordance with GAAP requirements, the Fund anticipates that approximately $12 to $17 million of this overvaluation will be written down in the fourth quarter of fiscal 2008. This will have a material negative impact on fourth quarter results of operations, EBITDA and distributable cash, and when finalized, will put the Fund out of compliance with its current debt services ratio covenant. The remainder of the over-valuation is expected to have an additional impact in coming months as inventories are turned.
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January 13th, 2009
- Reports
East Rutherford New Jersey - Wolverine Tube and Synergy Cable pushes Alpine Group 3Q results into the red.
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| The Alpine Group, Inc. ("Alpine") today posted its quarterly financial statements for the three and nine month periods ended September 30, 2008 to its Website. Alpine had a net loss of $7.2 million for the third quarter 2008 compared to net income of $0.6 million for the third quarter of 2007. The net loss primarily reflects Alpine's 23% share of unusual items recorded during the quarter at Wolverine Tube, Inc. ("Wolverine"), Alpine's 23% owned equity investee. These items include a non-cash $44 million goodwill impairment charge taken by Wolverine during the quarter and $22 million of gains on divestitures. The Wolverine items result from the restructuring and downsizing of its business that began with Alpine's investment in 2007. Alpine's non-cash share of the Wolverine items amounted to $5 million in the third quarter. Alpine also recorded a loss of $2.6 million for its 52% share of Synergy Cables Ltd. loss for the third quarter of 2008. Synergy's loss was largely attributable to the write down of un-hedged copper inventory. Partially offsetting these losses was a $1.5 million after-tax gain recorded by Exeon Inc. during the quarter on account of changes in LIFO valuation and mark-to-market hedge adjustments.
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January 9th, 2009
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Mumbai India - Tata Steel Q4 sales plummet by 14% but long product sales soared 27%
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| Indian steel giant Tata Steel, the company's largest producer, announced a 14 percent drop in year-over-year sales for the October-December quarter. The 1.07 million tons of sales during that period this year was disappointing for the company, but not unexpected considering the global economic slowdown. Of note, however, was significant growth in long product sales, with a 27 percent increase to nearly half a million tons. Crude steel and hot metal also increased during the quarter.
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December 30th, 2008
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Mount Airy North Carolina - Insteel Industries expects loss in Q1 (Oct – Dec)
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| Insteel Industries, Inc. a manufacturer of steel wire reinforcing products for concrete construction applications, expects to report a loss for the first quarter, citing lower order entry rate. The company anticipates the financial results to be negatively impacted until the higher cost material in inventory purchased earlier this year is fully depleted. Insteel noted that its order entry rate for the quarter under review has continued to slant at severely depressed levels due to tightening credit markets, bleak economic outlook, and the inventory de-stocking measures being pursued by customers to increase their liquidity. The company said shipments during the first two months of the quarter were down 39% compared to the prior year. Further, it assumes all of its manufacturing facilities to operate on reduced schedules through the remainder of the quarter. Looking ahead to 2009, the company expects margins to recover as selling prices and raw material costs for hot-rolled steel wire rod stabilize.
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December 8th, 2008
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Mumbai India - Tata Steel reports record output in November
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| Tata Steel, the India's largest private sector steel producer, reported best ever blast furnaces and steel melting shops production in November 2008. The new bar mill recorded its best November production of 51,273 tonnes. During Nov '08, the steel major reported 26.8 per cent increase in hot metal production at 5,78,000 tonnes as compared to 456 during the comparable month last year. Similarly, crude steel output reported a growth of 23 per cent at 5,14,000 tonnes from 4,18,000 tonnes. Could the reason possibly be that Indian steel consumers are not as export dependent as their Chinese Counterparts?
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November 20th, 2008
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Cairo Egypt - Egypt's El Sewedy reports 9-month net profit up 47 pct
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| Egypt's El Sewedy Cables SWDY.CA, one of the biggest cable manufacturers in the Middle East, reported a 47 percent rise in net profit in the first nine months of 2008 to 777.2 million Egyptian pounds ($141 million). Total revenue rose 25 percent to 8.95 billion Egyptian pounds, the company said in a statement. Earnings before interest, taxation, depreciation and amortization (EBITDA) surged 39 percent to 1.01 billion pounds. The company said the wire and cable sector was the largest contributor to revenues at 81.4 percent, compared to 91 percent in the first nine months of 2007. (Writing by Alaa Shahine) ($1 = 5.5254 Egyptian pounds)
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November 19th, 2008
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Corning New York - Corning withdraws 4Q and 09 Guidance due to declining LCD glass demand fiber steady.
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| Citing declining LCD glass demand, James B. Flaws, Corning Incorporated~{!/~}s vice chairman and chief financial officer, said at a press conference yesterday that the company has withdrawn its previously disclosed financial guidance for the fourth quarter and 2009. Speaking at the UBS Technology Conference in New York this morning, Flaws said, ~{!0~}Panel makers, particularly those in Taiwan, have continued to reduce the utilization of their factories heading into the second half of this quarter in response to weakened retail demand for LCD televisions and desktop monitors. The optical fiber business still remains stable Flaw said.
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November 10th, 2008
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Brussels Belgium - Bekaert reports strong sales in Q3 but growth largely driven by raw material price increases - forecast Q4-08 same as 07
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| material price increases - forecast Q4-08 same as 07
Bekaert advanced wire products posted vigorous sales growth across nearly all activity platforms.
Wire Europe confirmed its growth rate of the previous quarters and continued to perform well, especially in its Central European production platforms. Wire North America~{!/~}s nominal sales grew by 33% as a result of increased price levels and higher volumes. On a currency-adjusted basis, sales rose 19%. Wire Latin America~{!/~}s solid growth was the result of higher selling prices reflecting the immediate pass-through of price increases of raw material. Bekaert's expansion program in Karawang, Indonesia, contributed to wire Asia's sales rise. In building products revenues grew by more than 30%, with high activity levels in all entities and strong sales mainly in the Middle East. Increased demand matched by Bekaert's local production capacity, combined with a broad and dedicated product portfolio, explain the continued growth in steel cord China. Weakening volumes in Western Europe and North America were compensated by higher price levels reflecting rising raw material costs in steel cord others. Bekaert said the current economic downturn impacting all regions, the effect of decreasing raw material prices for certain steel qualities and the fact that acquisitions would no longer inflate the figures, would all have an impact on growth in the final quarter. See full press release this link
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October 31st, 2008
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Highland Heights Kentucky - Strategy of geographic diversity pays off in 3rd Q results.
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| General Cable Corporation, one of the most geographically diversified industrial companies, reported Thursday revenues and earnings for the third quarter ended September 26, 2008. Revenues reach a record for the third quarter of $1,626.0 million, including $488.9million from acquisitions completed in the last twelve months representing an increase of $477.1 million or 41.5% compared to the third quarter of 2007 on a metal-adjusted basis. Operating income increased $31.5 million or 35%; excluding LIFO (inventory last in first out) related items from both periods. The company generated $188.8 million of cash flow from operations in the quarter. The company further reported a high level of available liquidity, representing a combination of cash and available facilities at the end of the third quarter of approximately $1.2 billion. Third quarter of 2008 were burdened by transaction losses resulting from rapid and significant devaluation of certain emerging market currencies principally in South America.
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October 25th, 2008
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Kolkata India - Usha Martin's net profit up by 40 per cent
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| Usha Martin Limited, a leading producer of specialty steel and one of the largest wire rope manufacturers globally, has posted an increase of net profit by 40 per cent at Rs 117.44 crore for the quarter II ended September 30. A company release said during the first half of the financial year 2008-09, the consolidated profit before tax rose to Rs 179.62 crore from Rs 117.56 crore, a hike of 53 per cent, and profit after tax to Rs 117.44 crore from Rs 83.63 crore, an increase of 40 per cent. The net sales rose to Rs 1505.05 crore from Rs 1081.06 crore, registering a growth of 39 per cent.
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October 25th, 2008
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Helsinki Finland - Losses drop to 82 million at Outokumpu while sales climb in 3rd Q.
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| Finnish stainless steel producer Outokumpu released its third-quarter results yesterday and what it had to say about the state of the market spells double trouble for nickel. To put a positive spin on the report Outokumpu posted a third-quarter pretax loss of 82 million euros, down from a year-ago loss of 277 million. July-to-September net sales stood at about 1.27 billion euros, up from some 1.23 billion in the same quarter last year. The stainless steel sector is still by some margin the single largest end-use sector for nickel, meaning the metal's fortunes are intertwined with the stainless cycle. In Europe stainless consumption fell 17 percent relative to the second quarter, Outokumpu said. While demand relative to the year-ago period was relatively stable, it must be remembered that the third quarter of last year was characterized by a particularly vicious de-stocking exercise necessitating producer cutbacks.
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October 24th, 2008
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Glenview Illinois - Anixter 3rd Q net income $61.7 M down 5% on sales of $1.59 B
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| Anixter International Inc. a leading global distributor of communication products, electrical and electronic wire & cable, fasteners and other small parts, today reported results for the quarter ended September 26, 2008. Sales rose to $1.59 billion an increase 4 percent compared to sales of $1.52 billion in the year ago quarter. Quarterly operating income was $117.9 million a slight decrease from the $118.2 million reported in the third quarter of 2007. Net income, inclusive of after tax foreign exchange losses of $2.7 million, decreased 5 percent to $61.7 million down from $64.8 million in the year ago quarter.
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October 20th, 2008
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Mount Airy North Carolina - Insteel sees profit jump
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| Insteel Industries saw profits jump in its fiscal fourth quarter to $15.7 million from $5.2 million a year ago, according to an earnings announcement. Mount Airy-based Insteel said sales in the quarter were $106.3 million, up 42.9 percent from the third quarter in 2007. Insteel, which manufactures steel wire reinforcing products for concrete construction applications, benefited from sharply rising prices. The company said average selling prices rose 66.6 percent from last year, while shipments decreased 14.2 percent. Insteel’s financial year ended Sept. 27, and for the year the company made a profit from continuing operations of $43.7 million, compared to $24.3 million a year ago. Sales for the year were up 18.8 percent to $353.9 million. CEO H.O. Woltz III said the profit results are gratifying given the economic environment, but he said conditions are currently worsening, and that is having an impact on Insteel. “We have seen a dramatic slowdown in business activity throughout our entire supply chain over the past month, with purchasers curtailing their commitments to minimize inventories in anticipation of future pricing reductions,” Woltz said.
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October 18th, 2008
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Charlotte, North Carolina - Nucor's profit soars much thanks to acquisitions
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| Nucor Corp.'s third-quarter profit nearly doubled as robust sales from recently acquired steel and scrap-metal companies bolstered results, the company said Thursday. The Charlotte, N.C.-based steel maker reported profit of $734.6 million, for the three months ended Sept. 27. That compares with $381.2 million, during the same period last year. Quarterly sales jumped 75 percent to a record $7.45 billion from $4.26 billion a year ago. Nucor said its annual capacity for steel products has more than doubled since the start of 2007, to more than 4.5 million tons. Its average sales price per ton grew 51 percent compared with the third quarter of 2007, the company said. Total shipments to outside customers rose to 6.7 million tons, a 16 percent increase over the amount shipped in the third quarter of 2007.
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October 17th, 2008
- Reports
Abu Dhabi United Arab Emirates - Emirates Steel Industries reports sales increase by 135%
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| H.E. Hussain Al Nowais, Chairman of Emirates Steel Industries (ESI) yesterday announced that total sales revenue reached close to 3 billion dirhams by the end of Q3 of this year, a growth of 135% compared to last year's figure of 1.3 billion dirhams for the same period. According to Al Nowais, this number is expected to further grow, in the light of the real estate sector boom in the UAE, particularly in Abu Dhabi. Al Nowais went on to say that total production for ESI to the end of the third quarter of this year reached approximately 770,000 tons, compared to 540,000 tons in the same period last year, a growth of 43% in production
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October 16th, 2008
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Paris France - Nexans reports continued strong increase in organic growth in the cables business up 7.4% in 08 3rd Q
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| Nexans today announced sales of 1,686 million euros (at actual non-ferrous prices) for the third quarter of 2008. At constant non-ferrous metal prices, the quarter’s sales stood at 1,165 million euros. Organic growth in the third quarter in the cables business is up 7.4% (up 3.8% if Electrical Wires is included. The Group is gradually winding down production to address only internal needs). At end September, growth was up 7.2%, comparable to the level in first half-year 2008. For the full year 2008, the Group anticipates posting strong revenue growth, due to the continuing high level of business in energy infrastructure cables and strong sales in the main industrial cable segments, despite an expected drop in the Building business. As for profitability, the Group should attain a higher operating margin in 2008 than the previous year, as forecast, due to the sustained profitability of its businesses. For full report use this link
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October 16th, 2008
- Reports
Nuremberg Germany - Leoni adjusts targets for the year to altered economic conditions
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| Leoni AG no longer expects to attain the targets set for the 2008 financial year in full. The Management Board now projects sales of at least EUR 2.9 billion (previous forecast: at least EUR 3.0 billion) and earnings before interest and taxes (EBIT) of between EUR 110 and 120 million (previously approx. EUR 140 million). Main reason for this revised forecast is that the Wiring Systems division is expecting a distinctly weaker 4th quarter. It is to be feared that the automotive industry will make further cuts in addition to the scaling back or suspension of production already announced in the last two weeks.
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October 3rd, 2008
- Reports
Calcutta India - Bhilai Steel Plant posts impressive performance in first half
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| India's largest steel plant, Bhilai Steel Plant (BSP), has reported 8.6 percent production growth in hot metal, 7.8 percent in crude steel and 6 percent in saleable steel in the first half of the current fiscal compared to the corresponding period last fiscal. BSP is the flagship unit of state-owned steel major Steel Authority of India (SAIL). A BSP statement Thursday said: 'The hot metal, crude steel and saleable steel production in the first six months of 2008-09 has been 2,664,896 tonnes, 2,555,814 tonnes and 2,203,233 tonnes, respectively. "The plant has registered high growth in production of value added steel grades in all its finishing mills. The plant has recorded 42 percent growth in production of HT (high tensile) plates, 26 percent growth in EQ (electrode quality) wire rods production, 82.6 percent growth in production of TMT (thermo mechanically treated) wire rods and 43.1 percent growth in production of TMT bars in the first half of this fiscal compared to the corresponding period last fiscal," the statement added.
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September 10th, 2008
- Reports
Niles Illinois - MFRI reports record sales and earnings backlog at record $189 Million, up 44%
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| MFRI, Inc. (the “Company”) announced record sales and earnings for the second quarter 2008 and the six months ended July 31, 2008. For the second quarter 2008, Company net sales were $77.6 million, 31.7% greater than the $58.9 million for the prior-year’s second quarter. Net income was a record $2.4 million compared to $1.4 million in the prior-year’s second quarter. Earnings per share increased 59.1% to $0.35 per share basic and $0.35 diluted, from $0.22 per share basic and $0.21 diluted, for the second quarter of 2007.
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August 29th, 2008
- Reports
Vienna Austria - New record figures for voestalpine in the first quarter 2008/09
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| Wolfgang Eder, CEO of voestalpine AG. said in his comments to the company's first quarter 2008/09
results: Anyone who has been following the reports in the international business media in recent months must have the impression that the world is on the brink of economic collapse. For the greater part of the global economy, however, rational examination results in a very different diagnosis, namely that after a number of years of unexpectedly dynamic growth, it is back to business as usual in many regions of the world. To visit voestalpine wire use this link
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August 26th, 2008
- Reports
Copenhagen Denmark - Disappointing , 2nd quarter for NKT cables
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| For NKT Cables, 2nd quarter growth in revenue has not lived up to expectations, and the low voltage markets in Eastern Europe in particular are showing signs of slowdown and increasing competition. To this must be added unchanged expectations with regard to a normalization of the low voltage market in Denmark during 2nd half 2008. The expectations of a reduced level of activity in the low voltage segment have led to an adjustment being made to the work force in the Czech Republic. The high voltage market appears still very strong, but the effect of this is not sufficient to compensate for the fall in the low voltage segment, among other things because this segment cannot be provided with additional capacity before the new factory in Cologne is ready for production in 2009.
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August 24th, 2008
- Reports
Ma'anshan, China - Maanshan Iron & Steel H1 Net Profits Up 103.52%
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| Chinese steelmaker Maanshan Iron & Steel Co., Ltd. said this past week that it gained net profits of CNY 2.261 billion in the first half of 2008, rocketing 103.52% from a year ago, in accordance with the Chinese accounting standards. The company reaped operating profits of CNY 3.126 billion and total profits of CNY 3.154 billion in the period, exploding 118.84% and 131.7% year on year, respectively. It produced 7.14 million tons of pig iron, 7.95 million tons of crude steel, 7.35 million tons of steel products in H1, surging 29.11%, 28.23% and 28.72% from a year earlier, respectively. It sold 7.32 million tons of steel product, including 3.49 million tons of steel sheet, 1.3 million tons of section steel, 2.39 million tons of wire rod and 140,000 tons of train wheel and wheel rim.
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August 16th, 2008
- Reports
Nuremberg Germany - Leoni sets new sales and net income records
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| The Leoni Group continues its expansion unabated. The consolidated sales of this wire, cable and wiring systems specialist climbed 35 percent year on year in the first half of 2008, to the all-time high of EUR 1.59 billion (H1/2007: 1.18). The acquisition of the Leoni Wiring Systems France Group (LWSF), the former wiring systems division of Valeo, made a particular contribution to this growth. Consolidated earnings before interest, taxes and depreciation/amortization (EBITDA) rose by 17 percent year on year to EUR 126.0 million (H1/2007: 107.6). Despite substantial pre-production spending on new contracts and the impact of revaluation as part of allocating the price to purchase LWSF, the consolidated earnings before interest and taxes (EBIT) of EUR 71.5 million were down only slightly from the previous year’s EUR 73.1 million. Consolidated net income was, due to a lower tax charge, up 3 percent to EUR 45.9 million (H1/2007: 44.6). For full press release use this link
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August 3rd, 2008
- Reports
McKinney Texas - Encore Wire stock falls 17% after posting less-than-expected Q2 profit
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| Encore Wire Corp. said that its second-quarter net income plunged to $1.3 million, versus $19.7 million a year earlier. The McKinney, Tex.-based company~{!/~}s quarterly sales slumped to $322.8 million, from $333.6 million a year ago. Encore said a slowdown in construction activity in the United States and price competition hurt earnings during the quarter.
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August 3rd, 2008
- Reports
Highland Heights, Kentucky - General Cable Q2 Profit Rises As Revenues Surge
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| Net sales for the second quarter of 2008 were $1,742.8 million, an increase of $513.3 million or 41.7% compared to the second quarter of 2007 on a metal-adjusted basis. This growth was principally due to the acquisition of Phelps Dodge International Corporation (PDIC) in the fourth quarter of 2007, the Company~{!/~}s exposure to global electrical infrastructure markets and favorable foreign exchange translation partially offset by lower demand as a result of ongoing weak economic conditions primarily in the United States and Spain which are major markets for the Company.
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August 3rd, 2008
- Reports
Mumbai India - Ramsarup Industries' net up 26% at Rs 15.7 cr
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| Ramsarup Industries Ltd, the second largest producer of coated and uncoated steel wire, has posted 26 per cent rise in net profit at Rs 15.78 crore in the first quarter of the current fiscal as against Rs 12.54 crore in the comparative quarter last year. Total income of the company surged 8 per cent to Rs 383.05 crore from Rs 354.73 crore while operating profit increased 35 per cent to Rs 41.88 crore as compared to Rs 30.95 crore. The company attributed the performance growth to 26 per cent, growth in export sales at Rs 37.36 crore in the first quarter of the current fiscal as compared to Rs 29.70 crore in the comparable quarter last year. Infrastructure division of the company bags further order worth Rs 82 crore for various infrastructure turnkey projects including laying of 132/ 220 KVA power transmission line from RRVPNL under joint venture. On commencement of the single line LRPC unit, scheduled for September 2008, Ramsarup will be the first company in India to produce such products. Plating Line Plant to produce hose wire, to be imported from European company, is under full swing of implementation at Durgapur site of the company . Plant is expected to be completed during current financial year . The Company is well on track with their plan to produce 6 lakh MTPA of steel wires and upstream wire products from current level of 2.88 lakh MTPA.
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August 3rd, 2008
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Tokyo Japan - Hitachi and Fujitsu both back in black, shares rise
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| Japan's Hitachi Ltd swung to a bigger-than-expected quarterly profit as it erased losses in its hard drive business, earning three-quarters of its full-year target in three months, but it stuck to its annual outlook that falls short of the market consensus.Peer Fujitsu Ltd also returned to profit as IT services sales outweighed losses on its semiconductor and hard drive operations. Like Hitachi, it kept its annual outlook, citing growing uncertainty about the global economy six months from now. Hitachi, bolstered by growth at subsidiaries Hitachi Metals and Hitachi Cable was also helped by strong orders for nuclear and thermal power plants around the world, which boosted its power systems profit by 7 percent to 26.2 billion yen.
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July 26th, 2008
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Paris France - Nexans sees continued strong growth based on profitability
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| Nexans reported an increase in organic sales growth by 7.2 % in its cable business with a strong improvement in profitability. First half-year Sales totaled 3,554 million euros, compared to 3,792 million euros at June 30, 2007. At constant non-ferrous metal prices, sales reached 2,419 million euros compared to 2,451 million euros for the first half of 2007. Commenting on the 2008 first half-year results, Nexans Chairman and CEO Gérard Hauser said: "In spite of the increased uncertainty in the economic and financial environment, the increase in profits announced today is completely in line with the objectives Nexans has set for 2009. This performance is the result of a strategic plan focused on longer-cycle growth sectors, significant targeted investments and a carefully crafted external growth strategy. These factors, combined with a strict cost monitoring policy, allow us to expect an increase in operating margin for 2008 compared with 2007, based on organic growth in sales of more than 6%. Finally, the possible sale of our automotive cable harnesses business has been abandoned. Considering the state of the markets, the proposed valuation multiples were not in line with the Group’s or with the business's potential. Taking this into account, as well as the acquisitions of Intercond and Madeco, the Group’s net financial debt at year-end should be between 500 and 600 million euros". For full press release use this link
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July 26th, 2008
- Reports
Pune India - Sterlite Technologies' Q1 Net revenue up 69%; Export revenues up 106%
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| Sterlite Technologies Limited ("Sterlite") a leading Indian global provider of wire and cable solutions for the telecom and power industry, today announced its results for the first quarter of FY09. Net Revenues reached Rs. 404 Crores (US$ 96 Million), up 69% year over year. EBITDA reached Rs. 29 Crores (US$ 7 Million). Sales to China, Africa & Middle East accounted for 78% of the total international sales. Mr. Pravin Agarwal - Director, Sterlite Technologies says, "We delivered a strong financial quarter during which we achieved several significant milestones. Through focused efforts in backward integration, development of application-oriented solutions, a glocalized market approach & an enhanced global customer footprint, Sterlite has transformed into a truly global, market-centric organization."
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July 19th, 2008
- Reports
Xinyu City, Jiangxi Province, China. - Xinyu export of high speed wire rod up 312% in H1
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| Steel Guru reported that the high speed wire rod export volume of Xinyu Iron and Steel Company continues to increase and the export region and export varieties are also constantly expanding. In the first half year of 2008, the company totally exported 165,000 tonnes of high speed wire rod up by 312.5% YoY. The products are exported to Southeast Asia, Middle East, South America, Africa, Europe and other countries. In recent years, Xinyu Steel implemented two terms of technical transformation projects, the technology equipments and the products quality got great improvement. In 2007, its Yuanhe brand high quality carbon hot rolled wire rod got Chinese name brand enhanced the international competitiveness. According to the steel export policy adjustment, Xinyu Iron and Steel Company further expanded the export on alloy products actively keep the Chinese name brand.
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July 19th, 2008
- Reports
Mount Airy North Carolina - US steel maker did fine in 2nd Q but says 3rd Q more uncertain
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| Steel wire reinforcement maker Insteel Industries Inc. said Thursday its fiscal third-quarter profit more than doubled Yet President and Chief Executive H.O. Woltz III said he expects business conditions for fiscal 2008 and 2009 to "become increasingly challenging" due to expected softness in nonresidential construction, particularly commercial projects. He also warned that raw material costs may rise in the coming months due to tight supply in the domestic market and limited availability of imports at competitive prices. "It may become more difficult for us to pass on these additional costs depending upon the magnitude of the drop-off in demand and competitive dynamics," Woltz said in a release. "We also expect spreads and margins to narrow to more sustainable levels when the pricing for wire rod and our products levels out and the higher cost material begins to be reflected in cost of sales." For full press release use this link
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July 14th, 2008
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Xiangtan city Yuetang district China - XISCO posts CNY 1 billion profit in 1st half 2008
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| According to the finance report from XISCO, (Xiangtan Iron and Steel Group) the group realized a profit of more than CNY 1 billion during the first six months of 2008, making up the losses caused by the snow disaster at the beginning of 2008. Xianggang almost stopped production during the snow disaster. To make up the losses, the company put more attentions on the strategic products. On 9th April, first batch of 180 tonnes of wire rod for steel wire cord and 300 tons of wire rod for bead wire ring was delivered to the largest steel wire cord producer in the world, Bekaert Company.
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June 27th, 2008
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Kolkata India - Ramsarup Industries net up 44% at Rs 16 cr in 1st Quarter
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| Kolkata-based steel wire producer, Ramsarup Industries, has recorded a profit after tax (PAT) of Rs 16.25 crore in the quarter ended March 31, 2008, an increase of 44 per cent over the same period last year, on the back of higher wire and steel product sales. Net sales for the quarter increased 20 per cent to Rs 419.63 crore. For the year ended March 31, 2008, the company registered a PAT of Rs 59.62 corre , an increase of 36 per cent. Net income was at Rs 1,581 crore, an increase of 21 per cent while exports increased 34 per cent to Rs 95.73 crore.
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June 7th, 2008
- Reports
Taipei Taiwan - Walsin Lihwa May 2008 Sales down 13% from May 2007
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| Walsin Lihwa Corporation announced its net operating revenue for May 2008, on a stand-alone basis, was NT$7.2 billion, an decrease of 13% from May last year. January through May net operating revenue for 2008 totaled NT$35.8 billion, the same as last year. On a consolidated basis, the company's net operating revenue for May 2008 was NT$ 16.9 billion, an increase of 0.6% over May 2007. January through May revenue for 2008 totaled NT$75.3 billion, an increase of 13 percent compared to the previous year. Walsin Lihwa Corporation, established in 1966, has been the leading manufacturer for copper wires and rods, power cables, and specialty steel in the greater China region.
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May 31st, 2008
- Reports
Hamburg Germany - Norddeutsche Affinerie with excellent results in the first half-year 2007/08
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| Norddeutsche Affinerie AG (NA) again generated excellent results in the first half of fiscal year 2007/08 (October 2007 – March 2008). Revenues reached € 3.36 billion (€ 2.97 billion in the prior year). Earnings before taxes (EBT) rose to € 161 million (€ 82 million in the prior year). This result takes into account the full consolidation of Cumerio N.V./S.A. (Cumerio) from 1 March 2008 onwards.
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May 24th, 2008
- Reports
Taipei Taiwan - Walsin Lihwa announced April 2008 sales report
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| Walsin Lihwa Corporation has announced that its net operating revenue for April 2008, on a stand-alone basis, was NT$8.1 billion, a decrease of 2% from April last year. January through April net operating revenue for 2008 totaled NT$28.6 billion, an increase of 4% compared to 2007. On a consolidated basis, the company's net operating revenue for April 2008 was NT$ 15.8 billion. January through April revenue for 2008 totaled NT$58.4 billion, an increase of 18 percent compared to the previous year. Walsin Lihwa Corporation, established in 1966, has been the leading manufacturer for copper wires and rods, power cables, and specialty steel in the greater China region.
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May 16th, 2008
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Milan Italy - Prysmian upbeat about 2008
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| Italian cable maker Prysmian SpA forecasted on Wednesday higher results for the year thanks to a strong order book, saying demand for its high-voltage and underwater cables was particularly strong."Operating profitability is expected to improve in 2008 and, in particular, adjusted EBITDA, is expected above 2007," the company said in a statement. Although declining to be specific about the overall figure, Prysmian's chief financial officer told a conference call on the company's higher first-quarter results that he expected double-digit sales growth in its business of supplying these kinds of cables. "It could be similar to what we saw in the first quarter," Pier Francesco Facchini told analysts on the call. First-quarter sales of such products grew 11.3 percent, excluding the effect of fluctuating foreign exchange rates and raw material prices. The sales come from a number of big projects around the world that involve laying cables for the transmission of power. They include work in San Francisco and the island of Majorca off the coast of Spain.
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May 16th, 2008
- Reports
Kolkata India - Usha Martin Jan-March net rises 29 percent.
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| Steel wire rope maker Usha Martin on Tuesday posted a 29 percent rise in net profit in January to March quarter on higher sales of value-added products, a top official said. The firm posted a net profit of 505.3 million rupees on net sales of 6.72 billion rupees in the quarter to March 31."Demand for value-added specialty steel products helped us grow," Managing Director Rajeev Jhawar said.The firm is doubling specialty steel making capacity to 700,000 tonnes in FY09, and has plans to make 1 million tonnes of the product by FY10, he said. "We will add value to 55 percent of the steel we make." Usha Martin expects to maintain operating margins above 20 percent in 2008/09 even if steel prices remain at current levels, Jhawar said.
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May 15th, 2008
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Copenhagen Denmark - NKT Cables Group experience 4% organic growth in 1st Quarter of 2008
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| NKT Cables realized 1st quarter revenue of 1,856 million DKK. Compared with 1st quarter 2007 this was a nominal increase of 11% and organic growth of 4%. The organic growth was driven by the primary product segment, power cables, which represented around 80% of the revenue for the three-month period. Realized growth in sales was around 4%, which covered both low, medium and high voltage cables. The development reflected continued high levels of grid maintenance and expansion activity in the electricity sector. The building and construction sector experienced a decrease in New building in Northern Europe (primarily Denmark) that was partly offset, however, by growth in activities in other areas of the building industry. However, some markets - particularly in Western Europe - are showing the first signs of a more normalized level of activity, which is intensifying the competitive situation in other markets, such as Eastern Europe, due to competitors seeking alternative sales outlets.
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May 15th, 2008
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Dalian China - Fushi Copperweld net income up 51% in 1st Quarter 2008
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| Fushi Copperweld, Inc. a leading global manufacturer of bimetallic wire used in a variety of telecommunication, utility, automotive, power transmission and other electrical products, today announced financial results for the first quarter of 2008. Revenues for the first quarter of 2008 increased 155% to $54 million, from $21.1 million in the prior year's quarter. Organic revenues in the quarter from the Dalian facility totaled approximately $36 million, an increase of 70% over the prior year's first quarter. Revenues in the quarter were driven not only by the Copperweld contribution, but also by a higher sales volume, and sales from copper-clad steel, which is incremental to revenue. Overall, telecommunication applications accounted for approximately 63% of sales and utility applications for about 24% of sales.
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May 12th, 2008
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Dallas Texas - Once struggling Keystone Steel and Wire records first-quarter profit.
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| Riding stronger sales and helped by pension credits, Keystone Consolidated Industries Inc. had a healthy profit in the first quarter, the company reported Friday. Keystone ended the quarter with a profit of $13.6 million, compared with a profit of $14.5 million, in the first quarter of 2007. Keystone's stock was selling at $9.52 a share, unchanged from Thursday. Dallas-based Keystone Consolidated, parent company of Keystone Steel & Wire in Bartonville, reported sales were well up in the first quarter of this year when compared with the first three months of 2007, but the cost of the goods sold also was up significantly, nearly offsetting the gain on sales. It appears that apart from Wall Street and the sub prime mortgage debacle not every part of the nation's economy is sagging,.Despite all the grim news exports are surging and imports are shut out as the falling dollar has made U.S. products more affordable abroad and at home. Statistics points to a 5.5 percent annual rate of increase in exports in the first quarter of the year..
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May 8th, 2008
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Nuremberg Germany - Leoni consolidated sales up 31% in 1st Quarter 2008
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| The Leoni Group grew further in the first quarter of 2008. Compared with the same period of the previous year, consolidated sales increased by more than 31 percent to EUR 770.6 million (Q1/2007: EUR 586.5 million) due above all to initial consolidation of the new subsidiary Leoni Wiring Systems (LWS) France, the former wiring systems division of Valeo. Earnings before interest, taxes and depreciation/amortization (EBITDA) rose by 16 percent to EUR 61.2 million (2007: 52.7) despite extensive pre-production spending on new projects. Due to the expected adverse effect on earnings of revaluation according to the purchase price allocation of LWS France, earnings before interest and taxes after three months of 2008 were, at EUR 34.1 million, down slightly on the previous year’s figure of EUR 35.3 million. With a figure of EUR 20.0 million, consolidated net income likewise came close the level in the first quarter of 2007 (EUR 20.7 million). To facilitate further growth in the future, Leoni increased its spending on property, plant and equipment as well as intangible assets significantly in the period under report, to EUR 31.5 million (from EUR 15.4 million in the previous year). This included expansion of capacity for production of wiring systems in China, North Africa and Eastern Europe as well as setting a new facility in Bautzen, Germany for refining polymer cables by means of irradiation. For complete press release use this link
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May 8th, 2008
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Kolkata India - Universal Cables profit dips
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| Power cable company Universal Cables, part of the M P Birla group, has registered a net profit of Rs 5.9 crore, in the quarter ended March 31, down marginally from Rs 6.2 crore in the same period last year. EBIDTA during the current quarter was higher at Rs 17.08 crore compared to Rs 13.75 crore in the corresponding quarter. Net sales for the quarter stood at Rs 131.40 crore, an increase of 16.65 per cent over the same period last year. R S Lodha, chairman, Universal Cables said that the company had recently got its 220kv cable samples successfully tested at the CPRI laboratory, Bangalore. "This being the first successful 220kv cable type test in India, has unveiled a new roadmap for the company to tap the emerging 220kv power cable market."
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April 30th, 2008
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McKinney Texas - Encore Wire 1Q profit up on higher sales and better margins
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| Encore Wire Corp. said Wednesday its first-quarter profit more than doubled on higher sales and improved margins. Net income rose to $13.6 million from $6.4 million in the year-ago period. Sales rose 8.1 percent to $281.8 million from $260.7 million. The company said (As reported April 26) it sought higher prices to reflect the rising cost of copper used in its wire. Chief Executive Daniel L. Jones said he was pleased with strong earnings during the housing slowdown.
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April 30th, 2008
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Pune India - Sterlite Technologies~{!/~} FY08 Net Profit up 98%
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| Sterlite Technologies Limited a leading global provider of Power Transmission Conductors, Optical Fibers and Telecommunication Cables announced Tuesday its results for the fourth quarter of FY08 and full year FY08. Sterlite said its manufacturing operations were running at full capacity at the new Power Transmission Conductors facility at Haridwar, placing Sterlite~{!/~}s cumulative capacity of 115,000 MT among the Top 5 conductor manufacturers in the world. The Optical Fiber & Fiber Optic Cables facilities are running at nearly 100% capacity and in line with the unprecedented demand indications in the global optical fiber industry. The optical fiber expansion of 4 Million-km to 6 Million-km has been commissioned during the year and the expansion to 12 Million-km is running on schedule to finish by June 2009.
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April 28th, 2008
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Bao Shan China - Baori Wire makes new production records
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| Baori Wire, Bao Steels wire division’s major parameters of performance, sales revenue and profit of steel wire grew by 19%, 28% and 63% respectively in the first quarter of 2008, the best in its history. The release added that "Baori Wire keeps stainable development after its secondary steel wire project committed last year." Currently, the cold heading steel wire of the company has become a stable supply source for many joint ventures. In addition, further nationalization of automobile fasteners has come into a material stage. The cold heading steel wire by deep process to the end-use parts products in batches has already universally used in making brands cars.
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April 26th, 2008
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McKinney, Texas - Encore Wire Corp. feels squeezed by competitors.
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When the housing market tanked in 2007 some copper wire producers responded by slashing their prices to boost sales volume. Initially, Encore Wire Corp. rebuffed the cost-cutting strategy but was "forced" to match its competitors in the latter part of the year to sell off excess inventories, said Daniel Jones, president and CEO. The result was lower margins and a 73% profit drop for the year and a loss for the year-end quarter."Certain competitors continue to respond to the slowdown in residential construction by cutting wire prices in an attempt to maintain market shares, compressing margins below our expectations at this level of copper prices," said Jones in a statement.Full-year profit fell to $30.8 million, or $1.30 a share, from $115.1 million, or $4.95 a share, in 2006. For the fourth quarter, the company posted a loss of $1.1 million compared with net income of $6.2 million during the year-earlier period.
The slow construction market has hurt the industry because of lower demand for copper electrical wire used for interior wiring in residential and commercial buildings. Encore's residential wire unit sales were down 11.5% in 2007, commercial sales were up 2.9% and armored cable sales increased 419%. In the fourth quarter total unit sales were up 10.1% from the year-earlier period, with residential units up 3.5%, commercial up 11% and armored cable up 85.5%.
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April 24th, 2008
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Los Angeles California and Zibo China - Terra Nostra announces 3rd Q financial results
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| Terra Nostra Resources Corporation a majority owner of two joint venture companies in the copper and stainless steel industries in China, announced results for the three months ended February 29, 2008. Revenues for the third fiscal quarter ended February 29, 2008 were $108.8 million, compared to $41.3 million for the three month period ended February 28, 2007. Gross profit reached $11.4 million in the quarter ended February 29, 2008 compared to a loss of $1.3 million in the third quarter ended February 28, 2007. Blended gross profit margin in the quarter was 10.4%, reflecting strong management of raw materials sourcing in both of the copper and stainless steel operations, higher copper pricing, and the addition of higher grade stainless steel. Operating profit for the three months ended February 29, 2008 was $7.9 million as compared to operating loss of $4.6 million in the period ending February 28, 2007. Comprehensive income for the third quarter ended February 29, 2008 was $39.3 million compared to comprehensive loss for the third quarter ended February 28, 2007 of $3.3 million. Included in fiscal third quarter 2008 comprehensive income was non-cash derivative income of $37.6 million related to the company~{!/~}s convertible note financings.
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April 18th, 2008
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Charlotte North Carolina - Nucor reports record results for first Quarter of 2008.
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| Nucor Corporation announced today record first quarter net earnings for the fifth consecutive year. Consolidated net earnings for the first quarter of 2008 were $409.8 million, an increase of 8% compared to the first quarter of 2007 net earnings of $381.0 million and an increase of 12% from the fourth quarter of 2007 net earnings of $364.8 million. Nucor's consolidated net sales increased 32% to a record $4.97 billion compared with $3.77 billion in the first quarter of 2007 due to a 15% increase in average steel sales price per ton, an 11% increase in average steel products sales price per ton, and a significant increase in steel products shipments attributable to acquisitions made in 2007. The increase in sales is also due to the February 29, 2008 acquisition of the stock of SHV North America Corporation, which owns 100% of The David J. Joseph Company ("DJJ") and its affiliates, for a cash purchase price of approximately $1.4 billion. DJJ, which now operates as a wholly owned subsidiary of Nucor Corporation, has been the broker of ferrous scrap to Nucor since 1969. Consolidated net sales increased 13% over the fourth quarter of 2007 primarily due to an 8% increase in average steel sales price per ton and the acquisition of DJJ. In our overall downstream businesses we expect conditions to continue to be good, particularly for rebar fabrication, cold finish bars, steel grating, and wire rod and mesh products the company said.
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April 16th, 2008
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Mount Airy North Carolina - Insteel Industries reports strong 2nd-Quarter results
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| Insteel Industries, Inc. announced financial results Monday for the second quarter ended March 29, 2008. Net earnings for the quarter were $6.9 million, compared with $4.9 million, for the same period last year. Net sales for the quarter increased 3.3% to $77.3 million from $74.8 million last year. Shipments decreased 6.5% while average selling prices rose 10.6%. "Insteel posted strong financial results for the second quarter, particularly in view of the unprecedented escalation in raw material costs and the weak demand that we experienced in certain of our markets," said H.O. Woltz III, Insteel's president and chief executive officer. "During the quarter, we implemented price increases sufficient to recover these additional costs and benefited from the consumption of lower cost material from inventory. Our shipment performance continued to be mixed, characterized by relatively strong demand for products primarily used in nonresidential construction and weak demand from customers with greater exposure to the housing market."
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April 4th, 2008
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Amsterdam The Netherlands - Draka cautiously optimistic on 2008
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| Draka Holding NV has reported full-year results in line with the guidance it provided at the end of the November and said it is cautiously optimistic for 2008. The company said it expects further volume growth of 2-3 pct on the global cable market, while prices of principal raw materials, (copper and polymers, will remain volatile. Draka added that it is introducing a new organization structure in 2008 that includes three arms: Energy & Efficiency, Industry & Specialty and Communications. For full press release use this link
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April 1st, 2008
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Dubai, United Arab Emirates - Ducab announces record breaking end of year results
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| Ducab, a leading manufacturer of high quality power cables in the Middle East, announces its sale turnover results for the year ending 2007. With the first half of the year breaking all time record total sales at AED 1.1 billion, the year ended with an outstanding result of AED 2.4 billion, an increase in excess of 50% % compared to 2006. Commenting on Ducab's outstanding result for 2007, Ducab's Managing Director, Mr. Andrew Shaw said: "Once again Ducab~{!/~}s financial performance has exceeded all expectations. These phenomenal results demonstrate Ducab~{!/~}s strong presence in the increasingly competitive GCC market and its commitment to progress and technological improvements." He thanked all those that contributed to making it possible including the company's executive management team and employees, customers, agents, contractors and suppliers for their dedication and continued loyalty towards achieving these results. Ducab's exceptional 2007 financial results reaffirm the organization's leading regional position in providing advanced cable solutions within the industry. Ducab's expansion of the Abu Dhabi and Dubai factories and the company~{!/~}s focus on serving the needs of its customers, have all resulted in the achievement of these phenomenal financial results. "I am confident that we will continue to raise our performance and I am very optimistic that we will have another successful year ahead us", Mr. Shaw added.
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March 20th, 2008
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Johannesburg S.A. - Sparkling growth at South Ocean Electric Wire Co.
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| Cable manufacturer and electrical products importer South Ocean Holdings (SOH) delivered a highly charged set of maiden results yesterday for the year to December. The company reported a 96,4% increase in operating profit to R185,4m on a 65,5% rise in revenue to R852,6m. The increase in earnings per share was in line with the 60% indicated in last month's trading update. The company has two main operating subsidiaries: South Ocean Electric Wire Company, which manufactures general purpose electrical power cables at Alrode, near Johannesburg, and the Reliant Group, an importer and distributor of lighting products.
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March 20th, 2008
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Delhi India - Aksh Optifibre sees FY08 sales rising 40 percent
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| Aksh Optifibre sees sales in 2007/08 rising 40 percent over the prior 18-month reporting period, on rising demand for optical fibre cable, senior officials told Reuters on Wednesday. "There is a large demand for optical fiber... We're booked till March," Managing Director Kailash Choudhari said. Aksh has an order book of about 500 million rupees, and has been short listed as the lowest bidder for orders worth another 500 million rupees, Choudhari said. Increased demand for high-capacity data networks is driving sales of optical fiber cables, which are more efficient than the traditional copper cables. Sales are also being fuelled by growth in broadband services, including Internet-protocol television. The firm will produce almost 900,000 kilometers of optical fiber in fiscal year 2007/08, up from 260,000 kilometers it produced during the 18 months to September 2007, Gupta said. Most of the fiber will be used to make cables for sale to telecom firms in India and abroad. "We produced 33,000 kilometers of cable in fiscal year 2007. This year, we expect roughly about 25 percent volume growth," Chief Financial Officer Satyendra Gupta said. Aksh sells about half the cables it makes to state-run Bharat Sanchar Nigam Ltd and Mahanagar Telephone Nigam Ltd and the rest to networking and wind-power firms.
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March 18th, 2008
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Houston Texas - Houston Wire & Cable Company reports record sales in 4th Q 2007
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| Houston Wire & Cable Company announced record sales and operating cash flow for the fourth quarter and year ended December 2007. Sales increased 7.6% to a record $89.2 million from $82.9 million in 2006. Organic growth accounted for the entire increase in sales. As mentioned in previous press releases, the Company anticipated gross margin compression in 2007, given the exceptionally high gross margins in 2006. The 2006 gross margin percentage was driven by a favorable product mix, inflation and strong demand supported by an 80% increase in inventory; all of which mitigated discounting. We cautioned at that time the 2006 gross margin levels were an anomaly and, absent future like influences, were unsustainable. Consistent with these expectations, gross margin declined to 24.3% in the fourth quarter of 2007.
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March 17th, 2008
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Brussels Belgium - Bekaert achieves strong result on record sales in 2007
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| In 2007 combined sales of advanced wire products were 8.4% higher. Despite the sustained pressure on margins from the rising cost of energy, raw materials and consumables, Bekaert achieved substantial growth in advanced wire products. The operating result was up 17.8%, mainly due to higher volumes in China and a better product mix. Bekaert posted increased sales in 2007 of products with higher added value, in which the company has secured a substantial position in recent years. The rapid growth in the submarine energy transmission, green energy, telecommunication, mining, and oil and gas production segments translated into strong demand for reinforcing wire for cables and flat and profiled wire for flexible pipes, wires for hoisting cables, sawing wire and tire cord for off the road heavy equipment. These market segments are expected to continue to grow in 2008. For full press release with 2007 results use this link
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March 17th, 2008
- Reports
Roanoke Virginia - Optical Cable Corporation reports strong fiscal First Quarter 2008
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| Optical Cable Corporation Friday announced financial results for its fiscal first quarter ended January 31, 2008. Net Sales, Gross Profit and Net Income all increased. Optical Cable reported net income of $862,000, for its first quarter of fiscal 2008, as compared to a net loss of $332,000, for the same period last year. Net sales for the first quarter of fiscal 2008 increased 36.5% to $12.7 million compared to net sales of $9.3 million for the comparable period last year. The Company's net sales growth during the first quarter was achieved over a broad customer base and product mix, with particularly notable increases in the Company's specialty markets. Gross profit increased 79.2% to $5.3 million in the first quarter of fiscal 2008, up from $3.0 million in the first quarter of fiscal 2007. Gross profit as a percentage of net sales (or "gross profit margin") for the first quarter of fiscal 2008 increased to 42.1% compared to 32.1% for the first quarter of fiscal 2007. These improvements are due in part to an increase in Optical Cable's sales of higher margin products and the continued benefits of the Company's previous investments to enhance operational efficiency. Commenting on the results Mr. Neil Wilkin, President and CEO said that: "Optical Cable is off to a great start in our new fiscal year and we look forward to building on this success. Our year-over-year increases in net sales, gross profit and net income confirm that we have the right strategies in place to continue serving our customers while driving further growth and enhanced profitability. We will continue to execute on our strategic plan and focus on positioning Optical Cable for long-term shareholder value creation"
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March 15th, 2008
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Haaksbergen Netherland - TKH buoyant about 2008
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| Dutch cable and tire machine company TKH Group NV reported full-year results that exceeded analysts expectations and said it expects further growth in sales and net profit in 2008. Full-year sales rose to 837.8 million euro from 685.5 million. TKH said organic growth accounted for 11 percent of the 22.2 percent rise. EBIT climbed to 63.4 million euro from 53.6 million. The global market for fiber networks expanded by 13%. Europe, the most important market for TKH in this segment, grew in line with increased demand throughout the world. Consequently, many new projects were again launched for investments in fiber networks in Europe, especially on the part of new players wishing to gain a position in the communications infrastructure.
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March 12th, 2008
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Warrington U.K. - Volex issues second profit alert
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| Volex said in a statement Monday: "Trading since our last update has deteriorated further and we do not now expect to be profitable in the second half of this financial year." Volex blamed slower demand for its products from the US, which appears to be sliding into recession, as one of the main reasons for the latest deterioration in trading for the year to the end of March. "During recent weeks, we have seen a decline in order levels and customers revenue forecasts, in particular in the Wiring Harness division and in the North American power products market," Volex said. Its power products division makes and supplies cables for computers, white goods, TV sets and other household appliances including power tools. Warrington-based Volex has also been trying to restructure its Wiring Harness business, which makes electrical systems used in commercial vehicles and the aerospace industry, but yesterday warned that the costs incurred in the move, which would see it relocate production from Britain to Croatia, had been higher than expected. In February, the company said that group operating profits had fallen 76percent as a result of restructuring costs and a weak order book for wireless infrastructure products.
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March 11th, 2008
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Milan Italy - Prysmian 2007 core profit up 54.4 percent.
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| Italian cable maker Prysmian reported on Friday a 54.4 percent increase in its core profit for 2007 on a 8.2 percent rise in revenues. Earnings before interest, tax, depreciation and amortisation against 371 million euros the previous year. Prysmian, one of the world's biggest copper and fibre optic cable makers, said in a statement its board would propose a dividend of 0.417 euro per share and a buyback plan of up to 10 percent of its capital. Revenues stood at 5.12 billion euros. For 2007, Prysmian's had forecast a "solid" growth trend in organic sales and an adjusted EBITDA of more than 500 million euros thanks to a full order book for undersea and high-voltage cables.
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February 16th, 2008
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Atlanta Georgia - Superior Essex Inc. reports strong Fourth Quarter 2007 results
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| Superior Essex Inc, one of the largest wire and cable manufacturers in the world, today reported its fourth quarter 2007 financial results. For the quarter, Superior Essex reported revenues of $744 million up 10.7% from $672 million in the fourth quarter of 2006. Adjusted earnings per diluted share (a) totaled $0.70 for the fourth quarter of 2007, an increase of 119% over the prior year fourth quarter adjusted earnings per diluted share of $0.32. Core Business copper-adjusted revenues (a) in the fourth quarter of 2007 improved 22% vs. the prior year quarter. This growth was primarily due to incremental revenues from the Canadian, Italian and Chinese Magnet Wire acquisitions completed in 2007. Excluding acquisitions, copper-adjusted Core Business revenues increased 2% compared to the fourth quarter of 2006. Adjusted EBITDA in the fourth quarter of 2007 totaled $40.2 million, including $3.8 million in net LIFO inventory benefits. In the prior year fourth quarter, adjusted EBITDA was $26.1 million, including $0.8 million from transitional copper benefits and $4.6 million from net LIFO inventory benefits. "We were very pleased with profitability levels and overall performance for the fourth quarter of 2007, which is our slowest seasonal period," said Stephen M. Carter, chief executive officer of Superior Essex. "The positive operating results were attributable not only to acquisition and synergy benefits, but also to continued cost-efficiency gains and product mix enhancements in all of our business segments."
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February 16th, 2008
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Brussels Belgium - Cumerio saw profit fall in 2nd half of 2007
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| Cumerio SA, the copper smelter being bought by Norddeutsche Affinerie AG, said second-half profit fell 49 percent because of lower fees from mining companies to process their ore into metal and because of a weaker dollar. Net income declined to 19.9 million euros ($29.1 million), compared with 39 million euros a year earlier, the Brussels-based company said in an e-mailed statement today. Revenue slipped to 1.68 billion euros from 1.79 billion euros. In 2007, copper prices again reached high levels. For most of the year, prices remained high with peaks above US$ 8,000 per tonne. The copper price averaged US$ 7,119 per tonne, compared to a 2006 average of US$ 6,731 per tonne. The first months of 2007 saw a slowing demand and increasing inventories on the main metal exchanges, leading to lower copper prices. However, as of the second quarter, activity levels in China started to rise and this drove copper prices up again. By the end of the year, copper prices weakened to close the year at US$ 6,677 per tonne cash. For the full annual report use this link
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February 15th, 2008
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Lower Hutt. New Zeeland - Price volatility corrodes Steel & Tube profit by 42 per cent
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| Steel & Tube saw profit slide 42 percent for the first half, worse than a previously forecast decline of up to a quarter, despite a 7 percent rise in revenue. Net profit fell to $8.6 million for the six months ended December due to steel price volatility and pressure on margins from competition, while revenue rose to $245.6 million. Before costs totalling $1.6million for restructuring the Hurricane Wire Products business, net profit of $10.1 million was in line with forecast. "The company's three key market segments of construction, manufacturing and the rural sector all suffered to a varying degree, as the combination of exchange rate volatility, high interest rates and reduced growth in consumer spending slowed the economy," Steel & Tube chief executive Nick Calavrias said.
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February 14th, 2008
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Highland Heights Kentucky - General Cable reports strong fourth quarter results
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| General Cable Corporation one of the largest and most globally diversified wire and cable companies, reported net sales for the fourth quarter of 2007 of $1,297.8 million, an increase of $377.1 million or 41.0% compared to the fourth quarter of 2006 on a metal-adjusted basis. This growth was principally due to the Company~{!/~}s exposure to global electrical infrastructure markets, the acquisition of PDIC, as well as favorable foreign exchange translation. Revenues from acquired businesses contributed $271.5 million in the fourth quarter. Without the benefit of revenues from acquired businesses, revenues would have increased 11.5% on a metal-adjusted basis. Fourth quarter 2007 operating income before charges was $93.0 million compared to operating income of $57.5 million in the fourth quarter of 2006, an increase of $35.5 million or 61.7%. Operating margin before charges was 7.2% in the fourth quarter of 2007, an increase of approximately 100 basis points from the operating margin percentage of 6.2% in the fourth quarter of 2006 on a metal-adjusted basis. Gregory B. Kenny, President and Chief Executive Officer of General Cable, said, "This improvement was principally due to better price realization in many of the Company~{!/~}s product lines, cost improvements from LEAN initiatives, and the continued profitable expansion of the Silec, ECN, and NSW businesses". "We have also seen strong recovery in our LAN cable products with new product designs and strong business leadership". "I am also pleased to see significant progress at our Silec facility with respect to product throughput as well as their LEAN manufacturing skills. The integrations of ECN and NSW have been absolutely seamless and performance ahead of our investment case," Kenny said.
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February 13th, 2008
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Nuremberg Germany - Leoni AG Consolidated sales and net income at record levels
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| Leoni AG said in a press release that the company again had achieved significant growth in the 2007 financial year. Based on provisional figures, the wire, cable and wiring systems specialist increased its consolidated sales by about 12 percent to EUR 2,367 million (up from EUR 2,108 million in the previous year). Net income was raised by about 9 percent, reaching a new record level of EUR 86.2 million (2006: 79.3 million). At a figure of EUR 129.6 million, earnings before interest and taxes nearly matched the record level of fiscal 2006 (EUR 130.6 million). Leoni therefore met its most recently stated target despite extensive pre-production spending on new projects in the Wiring Systems division. In terms of free cash flow before spending on acquisitions and the dividend, the Company posted a figure of aboutmEUR 96 million (2006: 59 million) and thus significantly exceeded expectations.
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February 9th, 2008
- Reports
Kokomo, Indiana - Haynes International sales up 21.3 % in the quarter ending December 31 2007
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| Haynes International, Inc. reported on February 7, 2008 net revenues of $146.1 million for the three months ended December 31, 2007 and net income of $13.8 million, compared to net revenues of $120.5 million and net income of $13.2 million, for the same period of fiscal 2007. Net revenues increased by $25.6 million, or 21.3%, to $146.1 million in the first quarter of fiscal 2008 from $120.5 million in the same period of fiscal 2007. Volume for all products decreased by 4.6% to 5.2 million pounds in the first quarter of fiscal 2008 from 5.5 million pounds in the same period of fiscal 2007; however, volume of high-performance alloys increased by 4.9% to 5.0 million pounds in the first quarter of fiscal 2008 from 4.8 million pounds in the same period of fiscal 2007. Volume of stainless steel wire decreased by 71.5% to 0.2 million pounds in the first quarter of fiscal 2008 from 0.7 million pounds in the same period of fiscal 2007 as a result of the Company's strategy to focus on the production and sales of high-performance alloy wire. It is anticipated, however, that there will continue to be a recurring level of stainless steel wire produced and sold into certain specialty markets. The aggregate average selling price per pound increased by 27.0% to $28.05 per pound in the first quarter of fiscal 2008 from $22.08 per pound in the same period of fiscal 2007 because of changes in product mix (both form and alloy), an increased level of service center value-added business (which also reflects a higher average cost per pound), reduced project business and higher raw material prices.
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February 8th, 2008
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McKinney Texas - Encore Wire Corporation negatively effected by US housing slump
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| Net sales for the year ended December 31, 2007 were $1.185 billion compared to $1.249 billion during 2006. Lower prices for building wire sold in 2007 accounted for the decrease in net sales dollars versus 2006. Unit volume in 2007 increased 1% over 2006. Net income for the year ended December 31, 2007 was $30.8 million versus $115.1 million in 2006. Net sales for the fourth quarter of the year ended December 31, 2007 were $281.9 million compared to $262.3 million during the fourth quarter of 2006. Unit sales in the fourth quarter of 2007 increased 10% versus the fourth quarter of 2006, however intense competitive pricing pressure compressed gross margins to the lowest levels in the history of the Company. Net income for the fourth quarter of 2007 was a loss of $1.1 million versus a $6.2 million profit in the fourth quarter of 2006.
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February 1st, 2008
- Reports
Paris France - Increased 2007 profits and solid fundamentals lead Nexans to view the future with confidence
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Net sales in 2007 totaled 7.412 billion euros compared with 7.489 billion euros in 2006. At constant non-ferrous metals prices, sales amounted to 4.822 billion euros compared with 4.442 billion euros in 2006. At constant consolidated scope and exchange rates, sales have increased by 4.8% compared with 2006, representing organic growth of 12.1% for the cable businesses. Operating margin 2) amounted to 409 million euros, an increase of 57% compared with 2006. Operating margin as a percentage of sales rose from 5.8% to 8.5% at constant metal prices. The Group's net financial debt stood at 290 million euros at December 31, 2007, compared with 632 million euros at December 31, 2006. The reduction in debt is attributable to a significant increase in cash flows from operations in the second half of the year and the considerable reduction in the working capital resulting from the reduction in electrical wires activity.
Commenting on the 2007 results, Nexans Chairman and CEO Gérard Hauser said: "Our results for 2007 indicate sound performance. Showing organic growth of more than 12%, our cable businesses sales are increasing in all geographical areas across the infrastructure, industry and building markets.
For full report use this link
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January 30th, 2008
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Beijing China - Hunan Valin sees 2007 net profit up about 50%
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| Hunan Valin Steel Tube & Wire Co Ltd, in which Arcelor Mittal holds a 29.48 % stake, said it projects 2007 net profit growth at about 50%, after a technology upgrade lowered costs. The company posted 2006 net profit of 1.069 billion yuan. Hunan Valin is due to release audited 2007 financial results on March 18.
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January 30th, 2008
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Glenview Illinois - Anixter full year sales and earnings set new records
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| Anixter International Inc. the world's leading distributor of communication products, electrical and electronic wire & cable and a leading distributor of fasteners and other small parts reported results for the quarter ended December 28, 2007 yesterday Robert Grubbs, President and CEO, stated, "We are very pleased with the strong financial results in the quarter and the year. Our success in expanding our product and supply chain offering, along with an intense focus on broadening and diversifying our global customer base, drove record sales, operating margins and net income in 2007. We enter 2008 confident in our ability to continue executing on our growth strategies including further expanding our customer base as well as growing with our existing customers."
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January 28th, 2008
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Charlotte North Carolina - Nucor 4th Q sales up 27% to a new quarterly record.
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| In the fourth quarter of 2007, Nucor's consolidated net sales increased 27% to a quarterly record $4.40 billion, compared with $3.47 billion in the fourth quarter of 2006 and increased 3% compared with $4.26 billion in the third quarter of 2007. Average sales price per ton increased 9% from the fourth quarter of 2006 and increased 1% from the third quarter of 2007. Total tons shipped to outside customers were 5,895,000 tons in the fourth quarter of 2007, an increase of 16% over the fourth quarter of 2006 and an increase of 2% over the third quarter of 2007. For the full year 2007, consolidated net earnings were $1.47 billion, compared with the record net earnings of $1.76 billion in 2006. Although net earnings decreased 16% from 2006 levels, 2007 was the second-best earnings year in Nucor's history.
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January 25th, 2008
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Atlanta Georgia - Superior Essex expects to report outstanding results for 4th Quarter.
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| Superior Essex Inc, one of the largest wire and cable manufacturers in the world announced that it expects to exceed the upper end of the range of adjusted earnings per share guidance previously provided for the fourth quarter of 2007. It also expects revenues to be in line with prior estimates. The previous outlook, issued by the Company in conjunction with the release of its third quarter 2007 earnings, called for fourth quarter 2007 adjusted earnings per share growth of 30% to 40% over the prior year fourth quarter, with copper-adjusted Core Business revenue growth of 20%.
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January 24th, 2008
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Bridgeville Pennsylvania - Universal Stainless President and CEO Dennis Oates optimistic about 2008
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| In his comments to Universal Stainless & Alloy Products, Inc. said "Our fourth quarter sales reached the high end of our forecast which recognized volatile raw material costs and economic uncertainty as well as normal conservative year-end order patterns. While we expected nickel to be the most volatile of our costs, the magnitude of its decline in December impacted our profitability for the quarter. Nickel prices have moved higher since then and we expect their volatility to continue". "While there is caution in our marketplace due to ongoing concern about the U.S. economy, the end markets we serve are global in scope and have solid backlogs going out for several years. Although our direct customers will continue to make periodic inventory adjustments, we expect to see improving trends through the balance of the year. We also expect our cash flow to remain strong." Mr. Oates added: "We have entered 2008 with a high level of optimism about our prospects. To generate further growth, we are focused on quickly developing new business opportunities. Additionally, we are accelerating efforts to eliminate waste in our operations and enhance customer satisfaction." An 8% decline in Dunkirk's sales over the 2006 fourth quarter reflected a 46% decrease in sales of rod and wire products, which was partially offset by a 9% increase in sales of bar products to OEMs and service centers. The decline in the operating margin over the fourth quarter of 2006 mainly reflected a 15% decrease in shipment volume and the swing in the FIFO effect resulting from the impact of nickel price changes in the applicable periods.
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January 19th, 2008
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Fairfield Connecticut - Global exposure key to success
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| General Electric Co. Friday reported fourth-quarter earnings from continuing operations of $6.8 billion, in line with the mean estimate of analysts polled by Thomson Financial. The General Electric's expectations for first quarter 2008 are very bullish. In a conference call, following the publication of the report it became evident that the economic downturn as far as this global well diversified giant player is concerned will little impact on the performance of the corporation. Talking to wireworld.com customer base of advertisers you get the impression that the impact of the sub-prime mortgage fiasco is isolated to the financial sector and hence somewhat overblown unless you are heavily dependent on the US market particular the residential housing market.
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January 19th, 2008
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Mount Airy, North Carolina - Insteel Industries sees Q1 profit fall
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| Insteel Industries, Inc, a manufacturer of steel wire reinforcing products for concrete construction applications, reported a decline in earnings, compared to last year on lower shipments and sales. The Mount Airy, North Carolina-based Company said net earnings were down at $4.224 million, compared to $5.779 million last year. The company recorded net sales of $65.980 million lower than $69.716 million last year, due to the week demand experienced in certain markets. Owing to the continued downturn in housing-related demand and competition in PC strand business, the shipments decreased 6% from last year, the company noted. Looking ahead, Woltz III, president and chief executive officer of the company said, "we anticipate the weakness in residential construction will begin to impact commercial construction markets as the year progresses. In addition, prices for our primary raw material, hot- rolled steel wire rod, are rising to unprecedented levels in spite of weak demand across most markets as the drop-off in import availability has caused supply to fall faster than demand. Under these circumstances, it may be difficult for us to fully recover these costs in our markets depending upon competitive dynamics."
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December 21st, 2007
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Irving Texas - Commercial Metals Company reports solid First Quarter.
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| Commercial Metals Company today reported first quarter net earnings of $69.2 million on net sales of $2.1 billion for the quarter ended November 30, 2007. This compares with a record first quarter of the prior year with net earnings of $85.4 million on net sales of $1.9 billion in 2006. The largest swing in earnings for the quarter was at our International Mills CMC President and Chief Executive Officer Murray R. McClean said. With lower profitability at our Polish mill and start-up costs in Croatia, adjusting operating profit fell from $25.9 million in last year's first quarter to a slight loss this quarter. The current year quarter included a pre-tax LIFO income of $4.3 million compared with a LIFO expense of $10.1 million in the prior year quarter. Our outlook remains positive.
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December 17th, 2007
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Amsterdam The Netherlands - Draka expects strong performance and further growth in almost all divisions
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| Draka said in a trading update that it expects for 2007 an operating result of around € 145 million (2006: € 90.6 million2) and net income of about € 85 million (2006: € 45.4 million2). Draka expects 2007 to be the third consecutive year of substantially improving results. The anticipated sharp growth in the results is the product of sustained and healthy volume growth, cost control programmes and further improvement in the product mix. Helped by the favourable macroeconomic conditions, most notably in Europe, Draka will achieve volume growth in all segments of its business: low-voltage cable, special-purpose cable and communication cable. Although raw material prices (copper and polymers) have remained highly volatile, the impact on margins is expected to be limited.
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December 14th, 2007
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Kokomo Indiana - Haynes International reports strong 4th Q and Fiscal 2007 results
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| Haynes International, Inc. today reported net revenues of $161.0 million for the three months ended September 30, 2007 and net income of $17.8 million, compared to net revenues of $114.1 million and net income of $10.3 million, for the same period of fiscal 2006. Revenues for the full fiscal year ended September 30, 2007 were $559.8 million and net income was $66.1 million, compared to net revenues of $434.4 million and net income of $35.5 million, for fiscal 2006. Francis Petro Haynes' President and Chief Executive Officer said: "We are very pleased with the operating results from the fourth quarter of fiscal 2007 and for the full fiscal year.
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November 22nd, 2007
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Waukegan Illinois - Coleman Cable Inc. joins the group of cable companies announcing strong 3Q results
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| Coleman Cable, Inc, a manufacturer and innovator of electrical and electronic wire and cable products, reported Record revenue of $253.5 million - up 120.5% from last year. Adjusted EBITDA topped $22.4 million up 36.6% from last year and earnings per share was up 13.9 % Gary Yetman, president and CEO, said, "In the third quarter, we again produced record revenues and increased adjusted EBITDA and adjusted EPS in challenging market conditions. "Copperfield operations are transitioning well. Our board approved the planned Copperfield integration strategy of streamlining manufacturing operations and reducing costs. This plan involves the closure and consolidation of Copperfield manufacturing and distribution facilities located in Avilla, Ind., Nogales, Ariz., and El Paso, Texas, into one modern facility in El Paso, Texas. The integration strategy also includes the realignment of existing Copperfield facilities. "As the company previously announced last week," continued Yetman, "the pending acquisition of Woods U.S. and Woods Canada is an exceptional opportunity to expand our U.S. and Canadian presence, making Coleman, we believe, a preeminent supplier of assembled wire and cable products in North America. Yetman continued by cautioning that their 4th Quarter traditionally is a weak quarter.
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November 15th, 2007
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Luxembourg, November - ArcelorMittal reports record results for 3rd Quarter 2007.
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| ArcelorMittal reported a 36 percent increase in third-quarter profit, more than analysts estimated, as the company squeezed suppliers for lower prices. (Blomberg suggested) Net income rose to $3 billion, the Luxembourg-based company said in a statement on its website. ArcelorMittal produces 10 percent of the world's steel three times more than its closest rival, giving the company greater influence over prices. Following the $38.3 billion merger of Mittal Steel Co. and Arcelor SA. the company cut costs by $973 million by the end of June, more than the $830 million forecast. Contract iron-ore prices gained 9.5 percent to a record from April this year. The price of the commodity may gain a further 30 percent in the year from next April, according to eight analysts surveyed by Bloomberg in September. Almost half the iron ore used in ArcelorMittal's steel production comes from company mines in countries from Brazil to Kazakhstan. That ratio is set to climb to 75 percent in the next seven to eight years, a spokesman for the company said.
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November 12th, 2007
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Brussels Belgium - Bekaert confirms strong growth in 3rdQ
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| In the first nine months of 2007 Bekaert achieved consolidated sales of € 1 589 million and combined sales of € 2 515 million, an increase of 5.6% and 4.9% respectively. The consolidated sales increase was 6.7% from strong organic growth, which was partly annulled by a 2.0% negative impact from currency movements and was further boosted by a 0.9% movement in acquisitions and divestments. Combined sales of advanced wire products in the first nine months of 2007 were 6.5% higher. In Europe, Bekaert recorded sustained albeit delayed demand for wire and steel cord products. In North America, Bekaert had to contend above all with a weak dollar and falling demand in the local market in the main economic sectors in which the company is active, specifically the automotive, construction and agricultural industries. Bekaert reported strong growth in Latin America, particularly in Venezuela, Colombia and Peru. In Venezuela and Colombia, Bekaert further consolidated its position in September with the acquisition of 100% of the share capital of the Venezuelan company Vicson, S.A and 87.5% of Productora de Alambres Colombianos S.A. - Proalco S.A. In Chile, however, the company faced shrinking volumes as a result of imports from China. In the Asian region, Bekaert increased the level of its activities on the back of rising local demand for advanced wire products. For full report use this link
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November 12th, 2007
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Raipur India - Best-ever production by Bhilai Steel Plant
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| Bhilai Steel Plant (BSP), a unit of Steel Authority of India Ltd, has recorded its best-ever production, posting a growth of as much as 176 per cent in some steel products, a BSP statement said on Thursday. "The production of EQ wire rods at 109,261 tonnes in April-Oct was 51.1 percent more than the production of 51,100 tonnes in corresponding period last year. The plant has been able to register a production growth of 176 percent in TMT wire rods. The plant's wire rod mill has produced 124,720 tonnes of TMT wire rods till Oct in the current fiscal as compared to 45,100 tonnes in April to Oct 2006," the statement noted.
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November 9th, 2007
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Yekaterinburg Russia - UMMC increases cathode copper production 10% in first 9 months
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| Uralelektromed, the flagship enterprise of Urals Mining and Metallurgical Company (UMMC), increased cathode copper production 10% year-on-year in January-September to 285,899 tonnes, UMMC's press office told Interfax. The growth was largely attributable to steady raw material supplies, which were 5.2% higher than in January-September last year, the company said. UMMC uses the cathode copper to produce value-added goods. Its Katur-Invest unit produced 203,000 tonnes of wire rod in the nine months, level with the same period of last year. Copper wire production rose 19.1% to 8,700 tonnes and cable was up 23.6% to 1,800 tonnes.
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November 6th, 2007
- Reports
Nuremberg Germany - Leoni continued to grow in the third quarter of 2007 record net income
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| Leoni AG continued on its expansion course in the third quarter of 2007. The consolidated sales of wire, cable and wiring systems increased by 10.5 percent year on year to EUR 593.3 million (previous year: 536.7). The
volume of business increased by a total of 16 percent in the first nine months, to EUR 1.77 billion (2006: 1.53). Although Leoni recorded a drop in earnings before interest and taxes (EBIT) to EUR 34.6 million in the third quarter of 2007 (37.7 in 2006) due to pre-production spending on future projects, the EBIT of EUR 103.8 million for the period from January to September 2007 held exactly at the corresponding figure for the previous year. Consolidated net income was up 25 percent in the third quarter of 2007 to EUR 27.8 million (2006: 22.3). Added up over the first nine months, net income rose to a new high of EUR 72.4 million (2006: 60.7), boosted by tax benefits. The basis for Leoni AG’s ongoing expansion is its strong position in growing markets and a successful acquisition strategy.
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November 2nd, 2007
- Reports
Brantford Ontario - Absolutely fabulous performance by India's wire & cable firms.
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| The power engine of the global economy this time round is going to be India judging from the financial results reported by a majority of the country's wire & cable producers. Below are 3 examples of Indian company's with domestically fueled growth.
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November 2nd, 2007
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Kolkata West Bengal India - Ramsarup Industries PAT takes quantum leap by 80%
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| Ramsarup Industries Ltd, India's second largest producer of steel wire has seen an increase in its revenues on the back of increased realization during the quarter. The total income for the quarter ended 30th September 2007 stands at Rs. 331.96 crore, up 22 % over Rs. 272.12 crore for quarter two FY 07. The Operating Profit has increased 94.27% to Rs. 35.61 crore as compared to Rs. 18.33 crore for the corresponding quarter last year. The Export sales haves risen 18% to Rs. 19.73 crore against Rs. 16.70 crore for the same period last year. The Profit After Tax (PAT) is up 80.17 % to Rs. 14.72 crore against Rs. 8.17 crore for the quarter one FY07. The EPS of the company is Rs. 8.38 as compared to Rs. 4.64 for the corresponding period of the last year. Revenue from the Infrastructure Division of the Company, involved in laying of Power transmission line derives most of its revenue from Rajasthan and contract from CPWD for Indo Bangladesh fencing project. "We are pursuing our goal to be among top ten wire producers in the world in next 3 years. " said Mr. Ashish Jhunjhunwala, CMD, Ramsarup Industries Ltd. The Company is well on track with their plan to produce 6 lacs MTs of steel wires and upstream wire products by year 2010 from current level of 2.33 lacs MTs.
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November 2nd, 2007
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Kolkata West Bengal India - Usha Martin's net profit rises 49 pc
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| Steel maker Usha Martin Ltd has reported a 49 per cent increase in net profit at Rs 45.95 crore in the second quarter ended Sep 30, compared with Rs 30.89 crore during the same period last year. The company is a leading producer of speciality steel and one of the largest wire rope manufacturers globally. Its profit before tax rose to Rs 62.28 crore from Rs 41.47 crore, an increase of over 50 per cent over the corresponding period last fiscal, a company release said here. Consolidated sales, net of excise duty and inter unit and division sales, registered a growth of 11 per cent at Rs 570 crore compared with Rs 520 crore during the corresponding period last year. During the first half of the current financial year, the consolidated sales net of excise duty and inter unit and division sales, registered a growth of over 9 per cent at Rs 1081 crore compared with Rs 985 crore during the same period last year. Profit before tax rose to Rs 117 crore from Rs 76.65 crore, an increase of over 53 per cent, and profit after tax to Rs 83.63 crore from Rs 58.2 crore, an increase of 44 per cent. The captive consumption of steel for downstream value addition in the first half of the current fiscal has registered a growth of over 5 per cent at 85,920 metric tonnes as compared with 81,438 metric tonnes in the corresponding period last year.
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November 2nd, 2007
- Reports
Mumbai, India - Sterlite Technologies' H1 Net Revenue up 34%
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| Sterlite Technologies Limited (formerly, Sterlite Optical Technologies Ltd), India’s only integrated optical fiber manufacturer and global provider of Telecom Cables and Power Transmission Conductors, announced its first Half 2007-08 results with net revenues of Rs 640.14 Crores (US$ 160 Million) and Net profit of Rs 40.02 Crores (US$ 10 Million) as compared to net revenue of Rs. 476.82 Crores (US$ 119 Million) and net profit of Rs. 23.18 Crores (US$ 6 Million) in the corresponding period last year. In Q2 2007-08, the Company earned net revenues of Rs 400.58 Crores (US$ 100 Million) and net profits of Rs 27.26 Crores (US$ 7 Million). At the start of H2 2007-08, the Company had an order book in excess of Rs 1000 Crores (US$ 250 Million) for its telecom and power products, of which the export order book is about Rs 400 Crores (US$100 Million). As per the delivery schedule requirements by customers, about 75% of these contracts would be executed during FY 2007-08.For the complete news release & financial results use this link
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October 29th, 2007
- Reports
Tokyo Japan - Rising profits in all of Furukawa Electric Co. Ltd. five major businesses.
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| The Furukawa Electric Co. Ltd released its financial results for 2007 October 24th Net sales were 1,104.7 billion Yen up 26.6% from 872.5 billion in 2006. Net income for the year was 29.8 Billion Yen up 16.8% from 25.5 Billion from 2006. Commenting on the results Mr. Hiroshi Ishihara President & Chief Executive Officer & Chief Operating Officer said: "In fiscal 2007, the Furukawa Electric Group achieved significant gains in revenues and profit compared with the previous fiscal year, with the expansionary trend in the
global economy providing a tail wind. We saw particularly strong growth in sales and profit in the telecommunications segment, as demand steadily recovered in the telecommunications sector both at home and abroad, and as our consolidated overseas subsidiary OFS (OFS Fitel, LLC, and OFS BrightWave, LLC, optical fiber and optical fiber cable companies acquired from the U.S. company Lucent Technologies Inc. in 2001). which had previously operated in the red, returned to profitability as planned. In addition, Furukawa enjoyed steady sales in electronics components and automotive-related products and were also able to reflect the surge in the prices of bare metals such as copper and aluminum in the price of our products.
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October 25th, 2007
- Reports
McKinney Texas - Encore Wire reports third-quarter loss
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| Encore Wire Corp., which makes copper electrical wire for interior wiring in homes, said its third-quarter net income fell 84 percent, hurt by a slowdown in residential construction. Daniel L. Jones, company president and chief executive, said the industry as a whole is facing a tough competitive environment and low margins, despite strong copper prices."Certain competitors continue to respond to the slowdown in residential construction by cutting wire prices in an attempt to maintain market share, compressing margins below our expectations at this level of copper prices," Jones said.
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October 24th, 2007
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Skokie Illinois - Strong sales at Anixter support earnings
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| Anixter International Inc. said third-quarter earnings slipped after a year-ago tax benefit, but operating earnings rose 23 percent, helped by strong sales and acquisitions. The distributor of communication products, electrical and electronic wire and cable, fasteners and other small parts said operating income rose to $118.2 million from the $96.1 million reported in the year-ago quarter. Sales rose 14 percent to $1.52 billion, including $31.7 million from a series of acquisitions completed over the past 12 months. Net earnings slipped 15 percent to $64.8 million, or $1.51 per share, from $76.2 million, or $1.76 per share when reported a gain of $22.8 million primarily from a settlement with the Internal Revenue Service.
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October 20th, 2007
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Haaksbergen Netherland - Net profit TKH Group up 14% in 1st half
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| TKH Group said on its web site that the company's turnover in 1st half 2007 increased 20.7% to € 384.8 million, of which 16.1% was organic grpwth and 4.6% growth through acquisitions. Operating result increased by 10.0% to € 25.7 million. The Cable Group recorded strong profit growth (+27.7%) as did the Technical Trading Group (+ 17.6%) through turnover growth and rise in contribution from system deliveries. High start-up costs in 2nd quarter relating to large share of innovations reduce profit Machinery Group (-42.1%). The company said it expected growth in net profit for the full year 2007 between 15 and 20% according to previous announcement. Commenting on the results Alexander van der Lof, CEO of TKH said the TKH group took important steps in the progress of its strategy in the first half of the year with the acquisitions announced. This has further strengthened the technology component in important growth segments within our portfolio. The Cable Group and Technical Trading Group recorded strong turnover and profit growth. The market approach of the three business segments, Telecom, Building and Industrial Solutions, is clearly bearing fruit and TKH has been successful in its transformation into a solution supplier.
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October 20th, 2007
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Mount Airy North Carolina - Housing slowdown hurts Insteel’s 4Q profit
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| Insteel Industries Inc.'s fourth-quarter profit was cut nearly in half, due mostly to continued weakness in the housing market, the company said Thursday. Insteel, which makes steel-wire reinforcing products for concrete construction, said net income fell by 49 percent to $5.2 million, or 28 cents per share, from $10.1 million, or 55 cents per share, a year earlier. Analysts polled by Thomson Financial expected earnings of 36 cents per share, on average. Sales dropped 10 percent in the three months ended Sept. 29 to $74.4 million from $82.5 million. Gross margins fell to 17.1 percent from 22.2 percent a year earlier due to lower shipments, lower prices and higher material costs. The company's shipments fell by 9.4 percent. "The reduction in shipments for the quarter was driven by the continued weakness in housing-related demand, high levels of PC strand imports and unfavorable weather conditions in certain regions of the country that resulted in construction delays," said H.O. Woltz, Insteel's president and chief executive, in a statement.
For the full fiscal year, earnings dropped 27 percent, to $24.2 million from $33 million in fiscal 2006. Revenue fell 10 percent to $297.8 million from $329.5 million. Woltz expects to focus on nonresidential construction as the housing market's outlook remains uncertain. He also expects costs for hot-rolled steel wire rod, the company's primary raw material, to continue to rise during fiscal 2008. "Our ability to recover these additional costs will ultimately depend upon the strength of demand and competitive dynamics in our markets," he said. Insteel shares fell 96 cents, or 6.8 percent, to $13.09 in morning trading.
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October 17th, 2007
- Reports
Moscow Russia - Norilsk H1 profit surges by 60% YoY
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| Norilsk Nickel announced that it’s January to June 2007 period net profits went up by 60% YoY to USD 3.79 billion amid record high prices for nickel. Its revenue from metal sales rose to USD 7.65 million up by 82% YoY as compared January to June 2006 period. Norilsk said that increased earnings have helped Norilsk expand abroad. It agreed in May to buy Toronto based LionOre Mining International Ltd. for CAD 6.8 billion, giving the company mines in Australia, South Africa and Botswana. Norilsk in 2003 acquired a controlling stake in Stillwater Mining Co to add mines in the US and expand beyond Siberia.
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October 6th, 2007
- Reports
Mumbai India - Rashtriya Ispat Nigam (RINL) logs 8% rise in turnover in H1FY08
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| Rashtriya Ispat Nigam (RINL), the holding company of Visakhapatnam Steel Plant (VSP), has achieved a record sales turnover of Rs 4,192 crore during the first half of the current financial year, (April- September 2007) registering a growth of 8% when compared with Rs 3,880 crore in the corresponding previous period. Sales of 6.58 lakh tonne in value added steel during April–September 2007 registered a growth of 28% over the corresponding period last year. Value added steel sales comprised 51% of total steel sales in terms of volume, according to an official company release. RINL's value added steel caters to automobile, forging and wire drawing industries. VSP supplies value added steel to make elastic railway clips used by railways and for making wires for pre-stressed concrete sleepers for laying railway track. Sales to projects amounted to 3.25 lakh tonne in this period, registering a growth of 28% over the same period last financial year. Sales of 7.24 lakh tonne of granulated slag in April-September 2007, valued at Rs 17.6 crore, registered a growth of 19% in volume terms and 123% in value terms. Of the company's total finished steel sales, the share of southern states increased to 56.2% during the six months period. VSP achieved export sales of Rs 165 crore. RINL has also opened four outlets in Raipur, Jamshedpur, Pondichery and Jammu to improve its distribution system
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September 29th, 2007
- Reports
Moscow Russia - TMK reports strong pipe demand in first half 2007
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| OAO TMK said first half pretax profit rose 29 pct to US$ 394 million from US$ 305 million thanks to strong demand for its steel pipes from the oil and gas industry. Total pipe sales volumes reached 1.54 million tonnes, as seamless pipe sales volumes increased by 5.1 pct and welded pipe sales volumes rose by 5.0 pct. TMK also said that overall consumption of pipes by Russia's oil and gas industry increased by about 30 pct in the first six months of 2007, and that demand is expected to remain strong.
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September 15th, 2007
- Reports
Amsterdam Netherlands - Draka Holdings operating results up 80% to Euro 70.5 million and net income more than doubled to Euro € 39.6 million
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| Commenting on developments in the first half of 2007, Ingolf Schulz, Chairman and CEO of Draka
Holding N.V., stated: "Draka posted excellent results for the first six months of 2007. Thanks to our
focus on profitability, we have taken another significant step towards our strategic objectives. The
operating margin was 5.0% (H1 2006: 3.3%), in line with the target for 2007 that we set in 2005.
Strong volume growth (8%) and further cost savings were contributory factors. Draka will continue to pursue its strategy of focusing on operational excellence, commercial dynamism and investment in growth markets. On that basis, and given the favorable market conditions, Draka expects both operating result and net income in the second half of 2007 to at least equal the first half " World demand for cable grew at 4–5% in the first half of 2007 (assuming constant copper prices and exchange rates). This growth was comparable with the same period in 2006. Above-average growth was reported in emerging markets in the Far East, Latin America and Eastern Europe, with growth rates of 6–7%. Growth in the West European market, where Draka generates about 70% of its revenues, was around 4%. With the exception of copper telecommunication cable, all product segments contributed to the growth in the cable market.
For full press release use this link
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September 15th, 2007
- Reports
Dubai, United Arab Emirates - Ducab announces record sales of AED 1.1 Billion in first half of 2007.
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| Ducab, the leading manufacturer of high-quality power cables in the Middle East, announced its sales results for the first 6 months of 2007 with all time record total sales rising to AED 1.1 billion, an increase of 55 per cent compared to the total sales income of AED 711 million for the first six months of 2006.Mr. Walter Bailey, MD, Ducab, while commenting on Ducab sales performance for the first half of 2007, remarked "The financial performance of Ducab bears testimony to the phenomenal progress made by the company in 2007. The performance is all the more significant given the increasing competition in the geographical markets in which the company operates." He thanked the company's executive management team and employees for their commitment and dedication towards achieving these results and also the company's customers, agents, and suppliers for the continued support and confidence reposed by them in Ducab.
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August 25th, 2007
- Reports
Athens Greece - Hellenic Cable S.A. sees group sales rise 30%.
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| There was a significant 30% rise in the consolidated sales of Hellenic Cable S.A., which rose to Euro 199 million in the fist half of 2007, compared to Euro 153 million in the first half of 2006. There was a similar rise in the sales of the parent company Hellenic Cable S.A., which rose to Euro 140 million (a 25% increase). The consolidated EBITD of the group reached Euro 17.4 million, compared to Euro 14.3 million in the same period of 2006 (a 21% increase), whereas the EBITD of the parent company reached Euro 10.8 million, compared to Euro 9.5 million (a 14% increase). Also increased by 37% are the consolidated earnings before taxes which rose to Euro 11.5 million, whereas the earnings before taxes of the parent company reached Euro 6.1 million, compared to Euro 5.5 million in the same period in 2006. The prospects of the company for the rest of the year are positive, provided that current conditions remain stable and there are no significant changes in the prices of metals.
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August 18th, 2007
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Abu Dhabi UAE - Ducab wants a bigger share of business from the oil and gas market.
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| According to its half-year results the company is on target to achieve AED 200 million in sales to the industry this year, a 400% increase since 2005. Overall, total sales have risen to AED 1.1 billion, for the first six months of 2007. This represents an increase of 55% compared to the total sales income of AED 711 million for the first six months of 2006. "Profitability on increased sales is holding up," said Andrew Shaw, Ducab's newly installed managing director. "It's a good business. It's in the right place at the right time, there's loads more growth and potential we can work with here in the Middle East in general and the UAE in particular." The company would not be specific about its profitability, but shareholders are happy for it to invest a further AED 660 million in new facilities. It is adding another 50% to its floor area in its Abu Dhabi facility, finishing off a copper rod plant in Abu Dhabi - due to be up and running by the end of the year - and expanding its specialist cables capacity in Jebel Ali. Ducab hopes these additions will help correct the fact that historically it has been under represented in the oil and gas market. "By 2010 we see this as an AED 4 billion market; achieving sales of AED 500 million would be a reasonable target for the oil and gas industry. This is still low compared to what's going on in the market, but would be credible given the capacity we're putting in." said Shaw Ducab sees the market as tough, with competition coming from international imports from within the region and beyond.
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August 17th, 2007
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Dallas Texas - Back from the brink of near disaster Keystone parent reports healthy profit.
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| Keystone Consolidated Industries Inc. was able to ride credits not related to operations to a healthy profit in the second quarter, the company announced Tuesday. Dallas-based Keystone Consolidated, parent of Keystone Steel & Wire Co. in Bartonville, reported a profit of $17.2 million, in the second quarter. That was up from a profit of $13.4 million, in the second quarter of 2006, the company said. Profit was down, however, in the first half of the year, compared with the first six months of 2006. First half profit this year was $31.7 million, compared with a profit of $35.7 million, last year. Bert Downing, Keystone vice president and chief financial officer, the company was pleased with the results considering the state of the steel industry.
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August 15th, 2007
- Reports
Dalian China - Fushi International reports 42% revenue increase in Second Quarter 2007
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| Fushi International, Inc. a low-cost, leading Chinese manufacturer of bimetallic wire used in a variety of communication, transmission and other electrical products, today announced financial results for the second quarter of 2007. Revenues for the second quarter of 2007 increased 42.3% to $26.1 million, from $18.3 million in the prior year's quarter. Revenues increased year over year despite an unusually strong 2Q06, during which a sudden, sharp increase in copper prices led to both higher demand for Fushi's products and a sell- through of low cost inventory. In the second quarter of 2007, revenues were driven by a 4% increase in the average selling price of product sold and a 37% increase in the volume of bimetallic product sold. Coaxial cable accounted for approximately 59.1% of sales, magnet wire for about 16.2% of sales, and shielding wire for about 24.7% of sales.
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August 11th, 2007
- Reports
Auckland New Zeeland - Dollar puts drag on profit for Fletcher Building's wire products division
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| A recent internationalized Fletcher Building is warning that the strong currency will affect its profit as it converts heavily increased overseas earnings into New Zealand dollars. Fletcher Building yesterday posted a 28 per cent rise in net profit in the year to June to $484 million. Chief executive Jonathan Ling said price increases, productivity improvements and acquisitions had boosted margins. He predicted "another satisfactory year" in 2007-08. Of Fletcher's five business units, three - infrastructure, PlaceMakers and laminates and panels - posted higher operating earnings. Two - building products and steel - posted falls. Building products' earnings slipped $1 million to $141 million though insulation earnings fell 29 per cent in Australia in weak residential markets, and 13 per cent locally. The Australian drought, strong Kiwi dollar and poor sheep and beef returns put pressure on Fletcher Steel's wire products, helping to cut earnings by $13 million to $80 million.
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August 11th, 2007
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Hamm Germany - ThyssenKrupp’s stainless deliveries drop 12% in Q2 07
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| German steel giant ThyssenKrupp said its deliveries of stainless steel product fell by 12% year-on-year to
580,000t in the second quarter of this year. That was primarily due to lower shipments of stainless strip.
Distributor demand was heavily impacted in the quarter by high inventories at the start of the period and
then by the nickel price collapse, which has caused distributors to try and run down high-priced stainless
stocks as quickly as they can, ThyssenKrupp said. Order intake fell significantly in the period on a combination of these two factors as well as continuing high imports into the European region from Asia and "increasing product mix shifts towards low-nickel austenitics or ferritic materials." The company itself is expanding its product range away from high-grade nickel stainless. "A changed product mix with a higher proportion of ferritic grades and the new finishing shop at the Terni (Italy) location 11 are having an increasingly positive effect by increasing value added and thus allowing us to do more business with end customers," it said. Its Chinese subsidiary Shanghai Krupp Stainless saw order intake weaken year-on-year "owing to weak demand in the Chinese market" but ferritic (non-nickel) stainless business actually expanded in the period.
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August 8th, 2007
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Kokomo Indiana - Haynes International, Inc. sales up 22.8% in 3rd Q of Fiscal 2007.
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| Haynes International, Inc. reported Monday net revenues of $141.1 million and net income of $17.7 million, for the three months ended June 30, 2007 and net revenues of $398.9 million and net income of $48.3 million, for the nine months ended June 30, 2007. Net revenues increased by $26.2 million, or 22.8%, to $141.1 million in the third quarter of fiscal 2007 from $114.9 million in the same period of fiscal 2006. Volume for all products increased by 3.4% to 5.8 million pounds in the third quarter of fiscal 2007 from 5.7 million pounds in the same period of fiscal 2006. Volume of high-performance alloys increased by 5.3% to 5.0 million pounds in the third quarter of fiscal 2007 from 4.8 million pounds in the same period of fiscal 2006, while volume of stainless steel wire decreased by 7.0% to 0.82 million pounds in the third quarter of fiscal 2007 from 0.88 million pounds in the same period of fiscal 2006 as a result of the Company's strategy to reduce production of stainless steel wire and increase production of high-performance alloy wire due to the higher average selling price available on high-performance alloy wire. The average selling price per pound for all products increased by 18.7% to $24.12 per pound in the third quarter of fiscal 2007 from $20.31 per pound in the same period of fiscal 2006, due primarily to continuing good market demand and passing through of higher raw material prices.
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August 6th, 2007
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Highland Heights Kentucky - General Cable's stock plunges despite excellent results.
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| Shares in wire and cable products maker General Cable Corp. plunged 18 percent this past week, the most in five years. General Cable is an excellent company well run and well positioned whose stock has been talked up by analysts who know squat about the cable manufacturing business. Analysts had told investors they expected the company to make a profit of $1.06 per share in the second quarter investors reacted to the company~{!/~}s announcement late Tuesday that it expected third-quarter earnings between 85 cents and 95 cents per share. The announcement came on the same day the Highland Heights-based company posted strong second-quarter results. (see news item August 2nd )
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August 3rd, 2007
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Nuremberg Germany - Leoni again achieves record level figures in the first half of 2007
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| Leoni AG expanded further in the second quarter of 2007. Consolidated sales from the beginning of April to the end of June of this year rose by 15 percent versus the corresponding period in 2006, to EUR 590.5 million (2006: 512.0). Group-wide, earnings before interest and taxes (EBIT) in the same period were up by ten percent to EUR 35.2 million (2006: 31.9). Based on this performance exceeding expectations, Leoni has raised its forecasts for the year as a whole: The Group now expects to increase consolidated sales to approximately EUR 2.3 billion in 2007 (from 2.1 in 2006). Consolidated EBIT should, despite extensive pre-production expenses, once again be able to achieve the previous year’s record level with a figure of about EUR 130 million (2006: 130.2). Consolidated net income will probably climb to a new high of around EUR 83 million (79.3 in 2006). Compared with the same period in 2006, Leoni’s consolidated sales in the first half of 2007 increased by 19 percent or EUR 188.1 million to about EUR 1.2 billion (EUR 988.9 million in 2006). Of that increase, 38 percent were due to organic growth, 38 percent to companies that did not yet belong to the Leoni Group in the first half of 2006 and 24 percent to the increased price of copper. In spite of substantial pre-production spending on future projects, earnings before interest and taxes from the beginning of January to the end of June 2007 grew by five percent to EUR 69.2 million (2006: 66.1). Consolidated net income, favored by a non-recurring tax benefit, increased by 16 percent to EUR 44.6
million in the first half of 2007 (2006: 38.5). For the full press release use use this link
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August 2nd, 2007
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Luxembourg / Rotterdam The Netherlands - ARCELORMITTAL reports record results for 2nd Q and 1st Half 2007
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| Commenting, Lakshmi N. Mittal, President and CEO, ArcelorMittal, said:
"We are pleased to be able to report a record set of numbers for the second quarter and first half 2007. These results were driven by a strong demand for steel combined with higher selling prices in all our major segments. The company reported EBITDA of US$9.7 billion in the first half of 2007, as compared with US$6.8 billion for the first half of 2006, representing an increase of 42%. We are anticipating a robust end to the year supported by the strength of our unique global and diversified business model. We are also continuing to make good progress with our three-dimensional growth strategy. Most recently we have been awarded the mining license for an attractive iron-ore deposit in Senegal and have strengthened our presence in the automotive sector through the acquisition of two French pipes and tubes businesses. One year on from the merger, the Company has made excellent progress in effecting a successful integration and is well positioned for the future." See full press release use use this link
To see slideshow 2nd Q use use this link
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August 2nd, 2007
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Highland Heights, Kentucky - Acquisitions give General Cable earnings boost
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| A series of acquisitions, plus strong European demand for its products, sent General Cable Corp.'s second-quarter earnings up 44 percent. General Cable posted second-quarter net income of $62.9 million, compared to $41.5 million, or 80 cents per share in second-quarter 2006. Revenues climbed 19 percent to $1.17 billion from $987.1 million year over year. During the quarter, General Cable acquired a global offshore cable supplier based in Germany, as well as a majority stake in an energy cable business in India, according to a news release. But previous acquisitions, as well as organic growth, contributed to the bottom line. "Electrical infrastructure, networking and utility businesses in North America, as well as Silec in France and our operations in Portugal, led the way in margin improvement," said Gregory Kenny, president and CEO, in the release. Strong demand for medium- and high-voltage products in Europe helped offset lower revenues from low-voltage and small-gauge medium-voltage cables in the United States, which were affected by the slumping housing market. For the first half of 2007, General Cable reported net income of $100.8 million versus $62.9 million in the year-ago period. Net sales rose to $2.18 billion from $1.79 billion last year. Kenny said the company expects third-quarter revenues of about $1.1 billion. He cited several large transmission projects that have been pushed into the first half of 2008, as well as annual maintenance and vacation shutdowns in July and August.
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July 28th, 2007
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Mumbai, India, - Sterlite Optical Technologies’ Q1 Net revenue Rs 240 Crores
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| Sterlite Optical Technologies Ltd, India's only integrated optical fiber manufacturer and global provider of Telecom Cables and Power Transmission Conductors today announced its first quarter results with Net revenue of Rs 239.56 Crores and Net profit of Rs 12.74 Crores as compared to net revenue of Rs. 97.17 Crores and net profit of Rs. 3.32 Crores in the corresponding period last year. At the end of Q1, the Company had an order book of Rs 1280 Crores for its telecom and power products. As per the delivery schedule requirements by customers, about 75% of these contracts would be executed during FY 2007-08.
For full report use use this link
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July 27th, 2007
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Kolkata India - Usha Martin gains from value-added products.
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| Steel wire rope maker Usha Martin Ltd. on Wednesday posted 85 percent rise in net profit in April-June, mainly due to better margins and higher sales of value-added products, a senior official said. The company posted a net profit of 376.8 million rupees on net sales of 5.04 billion rupees in the quarter to June 30.
" Demand for speciality steel and value-added products are expected to remain good and if prices are stable, we expect good margins in the next year," Managing Director Rajeev Jhawar told reporters. The company earned 45 million rupees from sale of carbon credits and expects it to continue for the next eight years.
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July 27th, 2007
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Paris France - Nexan shows strong growth in first half-year results
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| The Board of Directors of Nexans chaired by Gérard Hauser, met on July 24, 2007 and reviewed the Group's consolidated financial statements for the 2007 first half-year. First half-year sales reached 3,792 million euros compared to 3,686 million euros at June 30, 2006. At constant non-ferrous metal prices**, sales reached 2,451 million euros compared to 2,273 million euros in the first half of 2006. The organic growth of the cable businesses was 12.9% (4.6% including the electrical wires business).The operating margin totaled 187 million euros over the period, compared to 108 million euros in the first half of 2006, an increase of 73%. Operating margin as a percentage of sales has increased from first half 2006 to first half 2007 from 4.8% to 7.6% at constant non-ferrous metal prices. Net income (Group share) for the first half of the year totaled 119 million euros, compared to 211 million euros at June 30, 2006. In the first half of 2006, net income included a capital gain of 149 million euros from the sale of distribution activities in Switzerland. Net financial debt totaled 533 million euros at June 30, 2007, 100 million euros lower than at December 31, 2006, reflecting a 141% increase in cash flow and good control of the working capital in an environment of strong growth. Commenting on the first half-year results, Gérard Hauser, Nexans’ Chairman and CEO, said: "The excellent results achieved by the Group in the first half of 2007 demonstrate the validity of the direction set by the Strategic Plan presented in January. The focus on energy infrastructures, industry priority markets such as transport and oil and gas businesses, and the withdrawal from upstream sectors, is orienting the Group to businesses with longer economic cycles. Growth is being achieved alongside an improvement in the balance sheet. These characteristics, together with an ambitious investment program and an ongoing culture of operational improvement constitute the Group’s specific strengths. They will enable us to continue applying our policy of strong and profitable growth in the second half. In view of these factors, we expect to achieve annual double-digit sales growth in our cable businesses, with second-half operating margin as a percentage of sales higher than in the first half. Furthermore, we are continuing to pursue our target of reducing debt, at a constant consolidation scope and at constant copper prices, compared with December 31, 2006." For full release with details on sector performance and geographical location use use this link
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July 27th, 2007
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Corning New York - Corning announces 2ndQuarter 2007 results.
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| Telecommunications segment sales at Corning in the second-quarter were $438 million, a decline of 7 percent from second-quarter 2006 sales of $472 million, and essentially even with the $439 million in first-quarter sales. Excluding the sales from the company’s European submarine cabling business which was sold on April 27, 2007, sales increased 5 percent sequentially. The growth in sales was lower than the company’s expectations due to a labor strike at a key European customer and more level purchasing patterns by a primary fiber-to-the-home customer. This is a non-GAAP financial measure. Corning’s Telecommunications segment third-quarter sequential sales growth is expected to be about 10 percent, excluding the sales of the divested European submarine cabling business. This is a non-GAAP financial measure. The anticipated sales growth reflects increased private network activity and an expected recovery in European hardware and equipment sales. European equipment demand in the third quarter is expected to be driven by renewed purchasing from a major telecommunications carrier and a new fiber-to-the-premises customer.
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July 21st, 2007
- Reports
Pittsburgh Pennsylvania - Ampco-Pittsburg reports exceptional quarter.
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| Ampco-Pittsburg a US supplier of forged and cast rolls for profiling mills and finned tubes reported stellar results for the three months ended June 30, 2007. Sales were approximated $88,740,000 up from sales of $75,455,000 for the three months ended June 30, 2006. Net income for the three months ended June 30, 2007 was up over 55% at $10,178,000 versus $6,557,000 for the three months ended June 30, 2006. In its comments to the results the company said these results should be expected to continue. The outlook for earnings from operations continues to be strong with orders on hand increasing significantly during the first half of the year from the already unprecedented record levels at the end of 2006. The majority of the recent growth is from the forged and cast rolls division. Current backlog (unfilled purchase orders on hand) and demand provide confidence that these operations, particularly Union Electric Steel, will operate at capacity for the next few years.
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July 19th, 2007
- Reports
Al-Khobar Saudi Arabia - MADAR announces record half year sales and earnings
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MADAR Holding, a leading construction materials company in the region, a member of Alfozan Group, announced today that half year net sales and operating earnings from continuing operations are at record levels. Net sales increased 187% with strong underlying earnings performance. Sameh Hassan MADAR Holding Chief Executive Officer, stated, 'Sales increased in each of our markets leading to higher operating earnings. UAE continue to be our leading market, followed by Qatar yet we see significant order flow jump in Bahrain, Jordan and Sudan.'
Madar Recently launched its new factory in the UAE, a state-of-the-art Cut & Bend and Wire Mesh production facility which offers a comprehensive service to meet the requirements of customers. The services include straight steel bars cut to length, Rebar coils straightening and cut and bend steel. The mesh facility will be available this month (June) and includes standard wire mesh and tailor-made wire mesh (primarily mesh is used for concrete reinforcement). The factory with all its facilities covers an area of 700,000 square feet and it sources its reinforcement steel mainly form Turkey, Qatar, Saudi Arabia and the UAE.
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July 11th, 2007
- Reports
Mumbai India - Bhilai Steel Plant posts record Q1 performance
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| The Bhilai Steel Plant (BSP), the flagship unit of the government-owned Steel Authority of India Limited (SAIL), has posted the best ever first quarter performance by producing 850,100 tonne of finished steel, 8.6 percent more than in the same quarter last year. 'The plant produced 315,400 tonne of plates, 141,400 tonne of wire rods, 173,500 tonne of merchant products including 100,200 tonnes of rounds and bars - all highest recorded for any Q1 period,' a BSP statement said Thursday. The BSP recorded 19 percent and 41.3 percent growth in production of total merchant products and rounds and bars, respectively. In wire rods and plates production, the plant recorded a growth of 22.8 percent and 8.7 percent, respectively, over the corresponding period in the last fiscal year. In the area of value-added steel for customized applications, the plant recorded the highest ever Q1 production of boiler quality plates, high tensile plates, electrode quality wire rods and TMT rods and bars in the April-June period of the current fiscal year, the statement said.
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July 3rd, 2007
- Reports
Amsterdam Netherlands - Draka expects sharply higher operating results for first half of 07
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| Draka Holding N.V. issued a trading update Friday for the first half of 2007 in advance of the publication of the half-year figures on Friday, 31 August. The release said that for the first half of 2007, Draka expects an operating result of at least € 68 million (first half 2006: € 39.1 million) and a net income of at least € 38 million (first half 2006: € 17.1 million), both excluding non-recurring items. These excellent results are driven by sustained healthy volume growth, cost-control programs and a further improvement in the product mix. The volume growth is being driven by favorable macro-economic conditions, especially in Europe. Draka generates volume growth in all segments: low-voltage cable, special-purpose cable and communication cable. Prices for raw materials (copper and polymers) are still highly volatile. Thanks to the actions taken by Draka, this price volatility is expected to have only a limited effect on margins in the first half of 2007. The contribution by cost-savings to the growth in the result is expected to amount to some € 3 million for the first six months of 2007. For full release use this link
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June 30th, 2007
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Taipei Taiwan - Walsin Lihwa reports operating revenue for May 2007 of NT$8.3 billion
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| Walsin Lihwa Corporation announces its May operating revenue of NT$8.3 billion, a increase of 66% from May last year. Walsin Lihwa Corporation established in 1966, has been the manufacturer for power cables, communication wires, steel, and fundamental building materials. Walsin Lihwa Corporation is the leader and largest supplier for wires & cables and specialty steel in the greater China area.
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June 30th, 2007
- Reports
Kaunas, Lithuania - UAB Tele-fonika almost doubles sales in first 5 month of 2007
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| UAB Tele-fonika Baltic, in its second year of activity (functioning from February 2006), nearly doubled its sales after the first five months of 2007 in comparison with 2006. The increase in sales resulted in the necessity to increase warehouse space. At the beginning of June, the company leased the neighbouring area for warehouse purposes. This includes a hard surface square measuring 1300 m² and a hall measuring 1100 m². The warehouse space was adapted for the purposes of storing cable products. UAB TF Baltic is a daughter company of TELE-FONIKA Kable S.A. responsible for the markets in Lithuania, Latvia, Estonia, Russia, Belarus and Georgia. They have their headquarters in Kaunas, Lithuania.
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June 28th, 2007
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Raipur District of Chattisgarh India - Godawari Power & Ispat net sales up 89%
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| Godawari Power and Ispat Ltd. an integrated manufacturer of wire rods, sponge iron, captive power, steel billets and ferro alloys reported a 132% increase in its net profit to Rs. 52.21 crore for the full year ended 31st March, 2007 as compared of Rs 22.50 crore (before extraordinary items) in FY06. Net sales for FY07 increased to Rs. 442.09 crore as against Rs 233.48 crore in FY06 registering a growth of 89%. During the forth quarter the net sales rose by 29% to Rs 110.23 crore as compared to Rs. 85.74 crore during the same period last fiscal. Net Profit in Q4 FY07 rose by 19% to Rs.11.95 crore from Rs. 10.03 crore in the corresponding quarter of FY06. The overall growth in profit for the last quarter was restricted on account of normal shut down of plant during February, 2007 for annual maintenance. Commenting on the results, Mr. B L Agrawal, Managing Director said: ~{!0~}The Company~{!/~}s outstanding performance is on account of continuous expansion in capacity backed up by forward and back word integration in manufacturing facilities. Cost savings measures adopted by the Company coupled with robust demand for sponge iron and finished steel products also fuelled the growth~{!1~}. During the year the company acquired balance 49% equity of R.R. Ispat Ltd., a subsidiary company engaged in rolling of steel billets.
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May 29th, 2007
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Mumbai India - Mukand profit up 30% as revenues cross Rs 2,000 cr
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| Speciality steelmaker Mukand is investing Rs 300 crore to expand its capacity by 80% to 550,000 tonne by October this year. The company, which produces speciality steel like alloy steel used in the automobile and auto component industry, intends to capitalize on the high demand for these products in the national and international markets. Mukand on Tuesday also announced its financial results, reporting its “highest-ever” revenues at Rs 2,078 crore with an increase of 15%. “This is the first time that we have crossed the Rs 2,000-crore mark. The profit before exceptional items was at Rs 113 crore, a growth of 31%,” said its managing directorNiraj Bajaj.
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May 29th, 2007
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Amman Jordan - National Cable and Wire Manufacturing Company hiked sales by 31 %
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| In its annual report, Jordan based National Cable and Wire Manufacturing Company told shareholders the market is encouraging and the firm could do better with additional capital. Higher equity would finance more production lines, raise output capacity and ease the company's financial burden besides pushing up overall sales in and outside the Kingdom, the report said. Last year, the company raised its capital by JD2.5 million to JD12.5 million through a private placement. But the implementation of a planned expansion was delayed for several months due to lengthy procedures for obtaining official approvals for the increase. It indicated that higher efficiency would be attained after putting into operation the new expansion which is expected in July 2007. Noting that demand for wire and cable has increased locally and regionally as a result of large investments in the real estate sector, the company deemed it necessary to back "what is left of old production lines" and execute another expansion scheme to increase the output of brands needed for infrastructure and construction projects.
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May 28th, 2007
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Broendby Denmark - Positive start to 2007 for NKT in 1st Quarter 2007
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| The NKT Group~{!/~}s companies made a good start to 2007 in terms of both revenue and earnings. Development has been very satisfactory and prospects for the year have been revised upwards the company said in its comments to its first Quarter report. The NKT Cables Group realized 1st quarter revenue of 1,674 mDKK, an increase of 62% on the 1st quarter of last year. After adjustment for developments in metal prices, exchange rates and acquisitions, this corresponds to growth of around 21%. Around 120 mDKK of aggregate 1st quarter revenue was attributable to continuing rise in metal prices. The average price of copper in the 1st quarter was 10% higher than in the same period last year. NKT Cables said it is expected to achieve revenue of around 7.3 bnDKK in 2007 and a profit margin (EBIT) of around 6.1%. This corresponds to expected operating income of around 450 mDKK, as compared with around 435 mDKK forecast previously. Forecast revenue is 0.5 bnDKK higher than previously predicted, and reflects a continued expectation of around 15% organic growth for 2007 as a whole. The forecast revenue is based on an average copper price for 2007 that is 5% lower than for 2006. Developments in the 1st quarter, which were very satisfactory, support this expectation. Power cables are the prime mover in organic growth at NKT Cables and represented 78% of 1st quarter revenue. Organic growth in this core segment was 25%, which was achieved in all three product categories - low, medium and high voltage cables. OPGW and catenary wire for rail electrification together represented 13% of revenue, corresponding to organic growth of 14%. Other segments represented 10% of revenue, equal to organic growth of 7%. 1st quarter revenue of 280 mDKK was realized by Kablo Elektro, which was acquired with effect from 1 January 2007. April and May saw the acquisition of CCC GmbH, Berlin, Germany, which is now a part of the NKT Cables Group.
At the end of 1st quar ter 2007 NKT employed 3,016 people in the NKT Cables Group NKT Cables is among the leading European suppliers of power cables, principally to markets in Central, Northern and Eastern Europe. In China, NKT Cables has its own production facilities from which the Chinese market is serviced with selected products. For full report use this link
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May 21st, 2007
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Kolkata India - Usha Martin Jan-March net profit up 42 percent
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| Wire rope and specialty steel maker Usha Martin Ltd. reported a 42 percent rise in January-March net profit and forecast continuing demand growth in 2007/08. The company reported a net profit of 290.2 million rupees on sales of 4.02 billion rupees. "The outlook for the year remain positive as steel demand is growing and steel prices are good," Joint Managing Director P. Bhattacharya told Reuters on Thursday.
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May 18th, 2007
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Dalian China, - Fushi International, Inc. reports strong results in first Quarter 2007
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| Fushi International, Inc., a low-cost, emerging Chinese manufacturer of bimetallic wire used in a variety of communication, transmission and other electrical products, today announced financial results for the first quarter of 2007. Total net revenues increased by 44.9% year-over-year to $21.1 million from $14.6 million. Gross profit increased by 45.9% year-over-year to $7.7 million. -- Operating profit increased by 38.1% year-over-year to $6.1 million. Net income increased by 32.1%% year-over-year to $5.0 million from $3.8 million. Investments were made in the first quarter 2007 to double production capacity. Orders in new business lines could significantly expand both sales and profitability. In the three months ended March 31, 2007, we have experienced broadly based, robust revenue growth due to higher average selling prices and higher sales volume driven by numerous factors including volatile copper price, strong market demand, new and expanded application of our products, government and industry initiatives, and as a result, accelerated substitution for solid copper in telecom cable, magnet wires, and power cable. In addition, during the quarter, we were able to substantially pass along higher raw material costs to our customers therefore maintaining our gross and net margins.
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May 10th, 2007
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Brussels Belgium - Bekaert confirms good start
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| In the first quarter of 2007 Bekaert achieved consolidated sales of € 514 million and combined sales of € 811 million, an increase of 7% and 2% respectively. The consolidated sales’ increase was 6% from organic growth and 4% from the net movement in acquisitions and divestments, while currency movements had a negative impact of 3%. The impact of currency movements on combined sales totaled -4%. Bekaert posted a significant sales increase in advanced wire products in the first quarter of 2007. With the acquisition of Cold Drawn Products Limited last year, Bekaert strengthened its position in specialized profile wires for offshore applications. The company recorded higher demand for wire products in Europe compared to the first quarter of 2006. In addition to the severely negative impact of currency movements, demand in North America was markedly lower. Sales growth in Latin America was offset completely by currency movements. Bekaert registered an important sales increase for wire Asia compared to a relatively weak first quarter in 2006. The company achieved a strong performance for building products, benefiting from the exceptionally mild winter in most European countries. Bekaert recorded sales growth of 49% for steel cord China, supported by the major investment program. Although the company registered an increased activity for steel cord products in Europe, the level of activity in North America was substantially lower. Sales were also adversely affected by substantial currency movements. Bekaert advanced its position in this market with the acquisition early 2006 of Delta Wire Corporation, a bead wire supplier in Mississippi (United States). For full Q1 report use this link
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May 7th, 2007
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Atlanta Georgia - Superior Essex breaks cable makers rising profit trend reporting 30% lower net in 1 Q.
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| Wire and cable maker Superior Essex Inc. was hurt in the first quarter by the national homebuilding slowdown, start-up losses in China and a transitional loss from un-recovered copper costs in its Communications Cable business segment. Atlanta-based Superior Essex posted net income of $9.2 million, on $695.6 million in sales. This compares with net income of $13.1 million, on $651.7 million in sales in the first quarter of 2006. "Overall, our first quarter 2007 performance was generally in line with our earlier expectations, as we anticipated some revenue weakness in our North American businesses due to a slowdown in residential construction, which directly impacts both our North American Magnet Wire and Distribution and our Communications Cable business segments," said Stephen M. Carter, CEO of Superior Essex. ".In terms of profitability, we were quite pleased on an overall basis with our results. This is especially true when considering the level of North American revenue decline, the charges we incurred for start-up costs in China, and the transitional copper losses in our Communications Cable business segment."
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May 5th, 2007
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Caracas Venezuela - Sivensa posts net profits of US$13million in fiscal 2Q 07
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| Steel rod and wire producer Siderurgica Venezolana (Sivensa) reported net profits of US$13mn in the quarter ended March 31, 2007 - the second of its fiscal year 2007 - compared to US$6mn in the year-ago quarter. Operating profits came to US$36million, compared to US$17million registered in the same period of 2006, the company said in a statement. "The improved operating results are mainly due to an increase in national sales at our subsidiaries Sidetur and Vicson and improved performance at the subsidiary IBH in terms of last year's January-March quarter,". Consolidated sales reached US$248million, up 20% over the US$207million reported during same-period 2006. Vicson, the wire-products subsidiary, operates several wire production plants including , the Proalco galvanized wire plant in Bogot~{("~} , Colombia
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May 3rd, 2007
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Nürnberg Germany - Leoni increases sales by 23 percent in the first quarter of 2007
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| Leoni AG increased its consolidated external sales by 23 percent year on year in the first quarter of 2007, from EUR 476.9 million to EUR 586.5 million. Earnings before interest and taxes held steady across the Group in the period under report with a figure of EUR 34.0 million (previous year: 34.2) even though Leoni committed substantial pre-production spending to future growth. Development work was stepped up significantly to prepare for new orders that will exert a positive effect from 2008. Consolidated net income was up five percent to EUR 20.7 million (previous year: 19.7) due to a lower tax rate.
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May 2nd, 2007
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Uppsala Sweden - Beijer Alma subsidiaries Lesjöfors AB and Habia Cables reports stellar 1Q results
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| The first quarter of 2007 was the best quarter ever for Beijer Alma. The strong business trend has resulted in high demand, above all from customers within the engineering industry. The increase in sales, combined with good cost control, had a positive effect on profitability and, for the fifteenth consecutive quarter, profit increased in comparison with the corresponding period in the previous year. Lesjöfors increased order bookings by 20 percent to MSEK 275 (229). Invoicing was MSEK 264 (226), an increase of 17 percent. Order bookings and invoicing in comparable units increased by 10 percent and 7 percent, respectively.Profit after financial items was MSEK 57.0 (50.9). The operating margin reached 21.7 percent (22.6). Habia's order bookings improved by 4 percent to MSEK 154 (149). Total invoicing amounted to MSEK 148 (139), an increase of 6 percent. Profit after financial items was MSEK 20.4 (13.9), and the operating margin was 14.3 percent (10.5). Demand from the telecommunications sector was weak during the start of the period but has successively improved. However, seen as a whole, volumes to the telecom sector are lower than in the previous year. This has been compensated for by increased sales to other customer groups. This is positive as it allows a better spread of customers and should, therefore, lead to a less volatile trend in sales.
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April 28th, 2007
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Midland Michigan - Wire & Cable division shines as Dow reports 1 Q results
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| In the Performance Plastics segment, sales for the first quarter were $3.5 billion, up 1 percent from the same period in 2006, with significant strength in Europe, Asia Pacific and Latin America more than offsetting a sharp decline in North America. Price rose 6 percent from a year ago while volume declined 5 percent, reflecting particular weakness in the U.S. housing and automotive sectors and lower licensing revenue. Specialty Plastics and Elastomers achieved record quarterly sales, with particular strength in Wire and Cable driven by demand for fiber optic internet connections and high voltage power distribution applications. To visit Dow Wire&Cable use this link http://www.dowwireandcable.com
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April 28th, 2007
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Hickory North Carolina - CommScope announces record first quarter 2007 results
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| CommScope, Inc. announced Thursday record first quarter results for the period ended March 31, 2007. First quarter sales were $435.5 million and net income of $45.9 million compared with. sales of $352.3 million and net income of $12.7 million, in 2006 1st Q. The reported first quarter 2006 net income included total after-tax charges of $2.4 million related to restructuring costs. Excluding this special item, adjusted earnings were $15.2 million. "We are excited to start 2007 with record first quarter results that exceeded expectations," said Frank M. Drendel, CommScope Chairman and Chief Executive Officer. "We delivered solid top-line growth in every business segment while improving operating performance. The global manufacturing initiatives, which were implemented throughout 2006, made a significant contribution to our bottom line. These major restructurings at key facilities around the globe, higher sales volume and lower than expected commodity costs drove our record first quarter performance. We have also raised calendar year 2007 financial guidance to reflect our positive outlook."
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April 26th, 2007
- Reports
McKinney Texas - Encore Wire sees profit drop 60% in first Quarter
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| Encore Wire Corporation on Wednesday announced results for the first quarter of 2007. Net sales for the quarter ended March 31, 2007 were $260.7 million compared to $252.0 million during the first quarter of 2006. Higher prices for building wire sold in 2007, driven by higher copper costs, accounted for the increase in net sales dollars versus 2006. Net income however for the first quarter of 2007 was $6.4 million versus $16.1 million in the first quarter of 2006. Commenting on the results, Daniel L. Jones, President and Chief Executive Officer of Encore Wire Corporation, said, "We are pleased to announce a profitable quarter in the midst of the tough competitive environment we are currently facing in our industry.
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April 25th, 2007
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Moscow Russia - MMK’s Q1 net income up by 56.3% YoY
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| Magnitogorsk Iron and Steel Works have announced its net revenues for the Q1 of 2007 totaled RUB 43127.4 million up by 28% YoY as against RUB 33606.9 million for Q1 of 2006 while its income before income tax totaled RUB 13208.2 million up by 51% YoY as against RUB 8725.8 million for Q1 2006. In the first quarter of 2007 MMK’s net income is recorded at RUB 10311.7 million up by 56.3% YoY as against RUB 6598.0 million for Q1 2006. Mr Viktor Rashnikov chairman of MMK’s board of directors while commenting on the Q1 of 2007 financial results said that "We are pleased with the financial results the Company has demonstrated in the first quarter of 2007. These results indicate the continued stable development of the Company and support the effectiveness of our strategy."
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April 23rd, 2007
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Hartsville South Carolina - Sonoco Spool & reel divisions increase sales and profit in 1Q 2007
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| Sonoco said in comments to its first Quarter report that businesses that are not aggregated in a reportable segment and includes wooden, metal and composite wire and cable packaging reels, molded and extruded plastics, custom-designed protective packaging, and paper amenities such as coasters and glass covers reported First quarter 2007 sales of $93 million, up 9 percent over first quarter 2006 sales of $85 million. Operating profit was $13.7 million, an increase of 10 percent when compared with operating profit of $12.4 million for the first quarter of 2006. The first quarter sales increase was due to higher volume, mostly as a result of the additional days, along with the favorable impact of foreign currency translation. The increase in operating profits reflects the impact of additional days along with productivity improvements, partially offset by the increased costs of energy, freight and labor.
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April 20th, 2007
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Mount Airy North Carolina - Insteel saw profit fall in past 6 month as housing market cooled.
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| For the six-month period ended March 31, 2007, earnings from continuing operations were $10.9 million, compared with in the prior year. Including the results of discontinued operations, net earnings were $10.7 million, compared with $15.1 million, in the prior year. Net sales for the six-month period decreased 7.0% to $144.5 million from $155.4 million last year. Shipments decreased 7.4% while average selling prices increased 0.4%. "Considering the continued weakness in housing-related demand, escalating raw material costs and adverse weather conditions that we experienced in certain of our markets, we are pleased with Insteel's financial results for the second quarter," said H.O. Woltz III, Insteel's president and chief executive officer, commenting on the results. "We also faced difficult year-over-year comparisons in view of the exceptionally strong prior year results, which represented record sales and earnings for our second fiscal quarter facilitated by the unusually mild weather and extended construction season. Gross margins for the quarter narrowed to 16.5% from 21.3% a year ago due to the reduction in shipments, lower spreads between average selling prices and raw material costs, and higher unit conversion costs resulting from reduced operating schedules. With the demand outlook more favorable heading into our busy season, we recently announced price increases across all of our product lines to offset the recent upward trend in raw material costs which should favorably impact our third-quarter results. Substantial progress was also made during the quarter in ramping up the Tennessee pre-stressed concrete strand ('PC strand') expansion and the new engineered structural mesh ('ESM') line in our North Carolina facility. Going forward, we expect both projects to generate increasing contributions from a volume and operating cost standpoint."
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April 3rd, 2007
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Brussels Belgium - Umicore generated record . financial results in 2006
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| Umicore generated record . financial results, reaping the rewards of the efforts and initiatives of the last few years. The progress was driven by the excellent performance of the Precious Metals Services business, continued growth in Precious Metals Products and Catalysts and an improved showing from the company’s Zinc Specialties operations. Overall return on investment for the . rst time exceeded 16%, well exceeding the cost of capital. The company made further positive strides in 2006 in its endeavor to become a leading global materials technology group, recognized for its contribution to sustainable development. In a sign of the times the company said it had reoriented the business portfolio, to further increase investments in the area of clean technology. During the year more progress was made in sharpening the Group’s strategic focus. "In December, we announced our intention to combine our zinc smelting and alloying activities with those of Australian company Zinifex. This ground-breaking combination would create the world’s biggest producer of zinc metal with a unique portfolio of assets. Once this project is completed, it would mark the culmination of a process of strategic reorientation which has been underway for some ten years" the company said in its financial report that is posted on the company's web site.
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April 3rd, 2007
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Bartonville Illinois - Keystone posts profit in 2006
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| Keystone Consolidated Industries Inc., in its first full year of operations since emerging from reorganization bankruptcy, posted a $57.7 million profit in 2006, the company announced. It was the second consecutive year Keystone Consolidated, parent company of Bartonville-based Keystone Steel & Wire Co., posted a profit following several years of depressed earnings due largely to competition from cheap imported steel. The company emerged from reorganization bankruptcy on Aug. 31, 2005. It had filed in February 2004. Keystone Consolidated said in its annual report filed this week with the U.S. Securities and Exchange Commission that it expects operating income to increase in 2007. Company officials, however, do not expect sales at Keystone CaluMetals, a Chicago-area company it acquired this week to have a significant effect on Keystone's bottom line. (see reports March 29 and April 2) The acquisition will have little effect on Keystone Steel & Wire, said Vic Stirnaman, executive vice president of the company. He said the Bartonville plant already has the capacity to make the billets for Keystone-Calumet and in fact supplied billets to that company before the acquisition. Stirnaman said manufacturing the billets will replace nail manufacturing at the Bartonville plant, which was discontinued earlier this year. "We have enough capacity to do this without impacting our other production. We hope now to be able to grow Keystone-Calumet," he said. Keystone Consolidated had 2006 sales of $440 million, an increase of more than $70 million from 2005 and the third consecutive year sales increased. The profit of $57.7 million was 47 percent above 2005's profit of $39.7 million.
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April 2nd, 2007
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Dalian China - Fushi International, Inc. revenue up 38.9% in 2006 Fourth Quarter.
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| Fushi International, Inc., a low-cost, emerging Chinese manufacturer of bimetallic wire used in a variety of communication, transmission and other electrical products, announced Friday financial results for the fourth quarter and year ending December 31, 2006. For the quarter ended December 31, 2006, the Company reported revenue of $21.7 million, an increase of 38.9 percent from the $15.6 million reported during the same period in 2005. Reported revenues are net of the VAT (or Value Added Tax) of approximately 17.0 percent payable in China. The increase was primarily attributable to increases in average selling prices and sales volume growth compared to last year. Reported capacity utilization at the end of the fourth quarter was approximately 97.5 percent, but due to combining three- shift work days, actual capacity utilization was higher. The Company sold a total of 3,549 tons of bimetallic products during the quarter and continued to further diversify its customer concentration.
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March 23rd, 2007
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Brantford Ontario - Investment research groups very positive on outlook for the Wire & Cable Products sector.
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| Nearly all of the covering brokerage analysts revised upwards both their first-quarter and full-year forecasts. The consensus among analysts covering the sector is that there might be more to the earnings estimate revision than just positive company trends. Last year, several companies in the Wire & Cable Products group, including CTV, benefited from the combination of economic growth, investment in technology (more demand for networking, broadband and high-definition products) and rising copper prices. The latter was important because it helped to provide wire and cable companies with pricing power. Since early February, copper prices have rebounded by more than 25%, reversing a four-month slide. CTV did not mention copper, but it seems logical that the covering analysts have noticed the rise in the metal's prices.
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March 22nd, 2007
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Beijing China - Hunan Valin 2006 net profit up 95.19 percent on higher steel product sales
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| The net profit of Hunan Valin Steel Tube & Wire Co Ltd, in which Mittal Steel Co NV holds a 29.48 percent stake, surged 95.19 percent last year to 1.068 billion yuan because of higher sales of its steel products and technology upgrades, the company said. The company said in a written statement that it had produced 8.483 million tons of iron last year, up 9.01 percent, and 9.91 million tons of steel, up 17.17 percent. It made 9.286 million tons of steel products, up 18.39 percent, and sold 9.04 million tons, up 1.085 million tons. The company's core business revenue rose 14.5 percent to 32.734 billion yuan. But it said its operating expenses and accounts receivable had increased noticeably because of higher exports of steel products.
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March 22nd, 2007
- Reports
Irving Texas - Commercial Metals Company reports solid 2nd quarter results.
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| Commercial Metals Company today reported net earnings of $65.9 million on net sales of $2.0 billion for the quarter ended February 28, 2007. This compares with net earnings of $80.1 million on net sales of $1.6 billion for the second quarter last year. Net earnings for the six months ended February 28, 2007, were $151 million on net sales of $4.0 billion. For the same period last year, net earnings were $150 million on net sales of $3.3 billion. Our outlook remains strong. CMC President and Chief Executive Officer Murray R. McClean said, "We achieved solid results for a second quarter with a significant improvement at CMCZ, our Polish operation. McClean added, "Our domestic mills achieved the second-best second quarter in their history, bettered only by last year's record. "Pounds shipped at our copper tube mill declined 27% to 11.5 million pounds compared to last year's second quarter, attributable to the weaker housing market in the U.S. and destocking at distributors. Operating profit fell 64%. Copper tube production decreased 38% to 10.4 million pounds. McClean continued, "Our Polish steel operation continued to achieve record profitability as its adjusted operating profit of $25.8 million was level with the first quarter, a stellar accomplishment in its traditionally weakest period. It was an all-time record second quarter and stood in stark contrast to last year's breakeven results.
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March 20th, 2007
- Reports
Roanoke Virginia - Optical Cable Corp. reports loss on falling sales in fiscal 1st Q 2007.
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Optical Cable reported a net loss of $145,000 for its first quarter ended January 31, 2007, compared to a net loss of $220,000 for the same period last year. Net sales for the first quarter of fiscal 2007 decreased 6.0% to $9.3 million compared to net sales of $9.9 million for the comparable period last year. The Company believes that this decline in net sales does not reflect a general trend, but is due to temporary weakness in the enterprise fiber optic cable markets during the quarter, the timing of projects, and other factors affecting short-term product demand (including likely seasonality effects). On a positive note, Optical Cable experienced improved gross profit margins during the first quarter of fiscal 2007 compared to the comparable period last year. Gross profit margin for the first quarter of fiscal 2007 increased to 35.2% compared to 33.4% for the first quarter of fiscal 2006.
Commenting on the results Mr. Neil Wilkin, President and CEO of Optical Cable Corporation. said
"After achieving successes in improving our operational capabilities last year, the Optical Cable team has a renewed focus on increasing net sales in order to deliver improved profitability. We validated elements of our strategy during the fourth quarter of 2006 and, as a result, delivered strong earnings on higher sales. While we achieved lower sales during the first quarter of this year for a number of reasons, we are confident that by continuing to execute on our strategic plan we can increase sales during fiscal 2007 and significantly improve our financial performance,"
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March 17th, 2007
- Reports
Brussels Belgium - Bekaert posts strong results in increasingly competitive global markets
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Bekaert said in a press release Friday that the company achieved consolidated sales of € 2.0 billion and combined sales of € 3.2 billion in 2006, an increase of 5% and 4%, respectively. The consolidated sales~{!/~} increase was 1% from organic growth and 4% from the net movement in acquisitions and divestments. Advanced Wire products had consolidated sales of 1724 million Euros a 5% increase over 2005 combined sales were 2890 million Euros also a 5% increase from 2005. Combined sales are sales generated by consolidated companies plus 100% of sales of joint ventures and associates after inter-company elimination.
Combined sales of advanced wire products split up geographically were as follows: wire Europe +8%, wire North America -6%, wire Latin America +7%, wire Asia +7%, building products +11%, steel cord China +54%, steel cord others -6% and other advanced wire products +7%).
Despite the heightened competition, Bekaert was able to advance its position in China significantly and posted a 54% sales growth in steel cord products, mainly for truck tire reinforcement. With an investment program of close to € 100 million Bekaert increased its production capacity in China, by extending the production plant in Weihai (Shandong province) and by building two new plants in very short order, in Jiangyin (Jiangsu province) and in Shenyang (Liaoning province). In 2007, Bekaert will maintain this level of investment as the Chinese market shows strong and sustained growth. For the full report use this link
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March 15th, 2007
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Houston Texas - Houston Wire & Cable doubles sales growth in fourth quarter
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| Houston Wire & Cable Co. Wednesday reported net income for the fourth quarter, ended Dec. 31, of $8.2 million, or 39 cents per diluted share, on sales of $82.9 million, compared with net income of $4.4 million, on sales of $65.8 million for the same period in 2005. The Houston-based specialty wire and cable company said the increase in sales was due to internal growth from new initiatives and higher prices for certain components such as copper. For the full year, net income was $30.7 million, on sales of $323.5 million, compared with net income of $12.5 million, on sales of $214 million, in 2005. "Our fourth quarter sales growth was more than double what we had anticipated as we had strong comparables from the 2005 hurricane impact in the Gulf Coast region," said Charles Sorrentino, president and CEO of HWCC. "Additionally, the last quarter of the year is normally one of our softer quarters, as a result of seasonal variations."
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March 6th, 2007
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Colombo Sri Lanka - Sierra Cables enhances earnings 100 p.c. amid Lanka's construction boom
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| Sierra Cables Limited (SCL), a leading local low voltage cable manufacturer recorded a 30 per cent increase of turnover and also enhanced its profitability by 100 per cent last year due to the high economic activities in the country. The reason for the company registering a very high turnover and profitability was the boom in the construction industry and infrastructure projects in the past few years, its Chairman Priyantha Perera said. He said the company, which mainly manufactures cables under the brand name of Alucop, is the leading cable supplier to Sri Lanka Telecom, Lanka Electricity Company, Sri Lanka Electricity Board and many infrastructuring projects in the country. The company has invested more than Rs 150 million to increase its capacity. It manufactures aluminum conductors, copper cables and enamel winding wires for local use and export. Further, the company is also planning to manufacture bunch cables in the future for the export market. They have already exported products to India, Bangladesh, Maldives and Dubai. It had opened a liaison office in Chennai in India. Sierra has an office in Dubai right now and is planning to set up an office in Africa to make their presence felt in that continent, Perera said. Further, the company has invested in new machinery to enhance the capacity of the existing product range and is also introducing value added products to the market in the country, he said. With the coming up of large infrastructure projects, including telecommunication, water supply and building construction ventures, the cable industry is growing at a steady pace. The Ceylon Electricity Board~{!/~}s rural electrification programme is progressing well therefore SCL is the main supplier of cables for these projects.
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March 6th, 2007
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Copenhagen Denmark - NKT Cables - maintaining strong progress
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| NKT said in a press release that NKT Cables cemented its position among Europe~{!/~}s leading suppliers of power cables during 2006 - partly by means of considerable organic growth and partly through acquisition
of the Czech cable manufacturer Kablo Elektro, which became par t of the NKT Cables Group from 2 January 2007. Like its peer companies are Nexans (France), Prysmian (formerly Pirelli) (Italy), Draka (Netherlands), General Cable (USA) and Tele-Fonika (Poland) NKT enjoyed strong market conditions. NKT Cables~{!/~} said its low voltage cables, which represent almost half of the company revenue, are marketed to electrical wholesalers for use in the building industry. Overall, against the background of general trading conditions, this segment experienced satisfactory market development in 2006. The primary markets for NKT Cables are Scandinavia, Eastern Europe and UK, and in the first two particularly, market conditions remained favorable in 2006. Management should be complemented on a most informative annual report that can be found on the company website via a link from http://www.wirelinks.com the new portal for wire companies recently launched by Unicode Inc parent company for http://www.wireworld.com
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March 5th, 2007
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Colombo Sri Lanka - Cable maker ride on lower copper prices.
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| Cable maker ACL which is benefiting from a drop in copper prices says it will gradually switch to manufacturing fire resistant cables giving it an edge over the competition. “The cable is priced the same as the conventional cable already in the market,” Suren Madanayake Managing Director of ACL Cables told reporters. The ‘Fireguard’ cable is available in the market according to the company, is made from a different PVC compound used in standard insulated wire. ACL's turnover increased 80 percent to 5.76 billion rupees in the 9-months to December 2006 over the same period in 2005, while the profits grew 138 percent to 838.8 million. "We had timely copper purchases done during the past year," Madanayake told a Lanka Business Online reporter. "That was one of the main reasons for the performance being good,” The company also exports cables to India, Maldives, Bangladesh, Dubai, Africa, Vietnam and UK which had contributed 15 percent to the total turnover of the company in 2006. ACL has also increased presence in India. “We have looked at the Indian market in a much stronger way,” Madanayake who is hoping to increase export turnover to an ambitious 50 percent during the next five years from the current 15 percent. Madanayake says ACL hopes to diversify in to manufacture of aluminum rods used for electrical purposes, within the next month. ACL claims a 45 percent of domestic market and 80 percent share of buildings constructed with Board of Investment concessions.
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March 2nd, 2007
- Reports
Madrid Spain - Acerinox Group achieve best net result in its history
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| World~{!/~}s second largest stainless steel producer Acerinox SA announced that its 2006 net profit increased by 225.6% YoY to EUR 502.9 million as compared to EUR 154.4 million in 2005. Its 2006 revenues rose by 33.8%YoY to EUR 5.637 billion as compared to EUR 4.212 billion in 2005 and EBIT was up by 232.8% YoY to EUR 858.4 million. Acerinox said the market has been boosted by high nickel prices and abnormally low stockpiles at the beginning of the year, due to global economic growth. Roldan, S.A.the group's long products factory, achieved record results, 151,589 Mt, 17% higher than the outputs obtained in 2005. Net Sales, 412 million euros, improves by 28% productions of the year before and Net Profit, 16.5 million euros, is 2.4 times the figure of 2005. For full press release use this link
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February 22nd, 2007
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Nairobi Kenya - East Africa Cables sees 2006 profit rise 44 percent.
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| East Africa Cables yesterday announced a 44 per cent increase in its profits after tax to 284 million last year from Sh212 million in 2005. This was an increase of Sh72 million. The cable maker's chief executive officer, Mugo Kibati, said the profits were realized against the tide of mounting costs of raw materials that shot up by 100 per cent coupled with the prevailing high cost of energy. The high demand for copper in India and China, he added, was responsible for the high copper prices. The company had been forced to source for copper from Brazil, Zambia and other Asian countries. The increased influx of counterfeits and unstable exchange rates also slowed the upsurge in the company's profits. However, he said, the turnover surpassed the Sh2 billion mark, up from Sh1.1 billion registered in 2005. Briefing the investors on the company's performance at the Nairobi Serena hotel yesterday, Mr Kibati said the profits were boosted by their regional expansion strategy. The company also benefited from a partnership with Nexans, the French cable maker, which enabled it to increase its product range by venturing into telecommunications and data cabling.
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February 21st, 2007
- Reports
Atlanta Georgia - Superior Essex Inc. reports 4th Q and full year 2006 results.
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| Superior Essex Inc., one of the largest wire and cable manufacturers in the world, Monday reported its fourth quarter and full year 2006 financial results. For the quarter, Superior Essex reported revenues of $672 million. These results compare to revenues of $523 million for the fourth quarter of 2005. Adjusted EBITDA for the fourth quarter of 2006 increased 24% to $26 million, while copper-adjusted core business revenues declined 4% for the fourth quarter of 2006 vs. the prior year quarter. The decline in core business revenues was due primarily to a substantial reduction in communications revenues, associated in large part with significant fourth quarter budgetary spending adjustments by major telephone company customers.
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February 19th, 2007
- Reports
Brussels Belgium - Combined sales of Bekaert advanced wire products were 5% higher in 2006.
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| Bekaert said in a press release Friday combined sales of advanced wire products increased 5% higher in 2006, but that markets were very different. In China, where the market recorded strong and uninterrupted growth last year, sales of steel cord products, mainly for truck tire reinforcement, were up 54%. Supported by its substantial investment program, Bekaert was able to advance its market position in China significantly despite the heightened competition. In Europe, the company recorded a lower demand for steel cord products. In North America, Bekaert acquired Delta Wire, a major supplier of bead wire for tire reinforcement in Clarksdale (Mississippi). The strike at Goodyear in the United States in the fourth quarter had a significant impact on sales. Already facing a steady decline in demand for steel cord products on the North American market, Bekaert decided to close the manufacturing facility in Dyersburg (Tennessee). For full press release use this link. http://www.wireworld.com/wirenews/pdf/Bekaert/2006Q4.pdf
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February 16th, 2007
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Auckland New Zealand - Steel & Tube Holdings Ltd. see half year profit fall as construction slowed.
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| Steel & Tube Holdings Ltd parent of Hurricane Wire Products New Zealand’s largest manufacturer of wire products with manufacturing facilities in Auckland and Christchurch said in a press release that net income for the group fell to NZ$14.8 million ($10 million) in the six months ended Dec. 31, a 17% drop from NZ$17.7 million, a year earlier, Sales rose 3 percent to NZ$229 million. Steel volumes fell as the value of commercial construction dropped 6 percent from a year earlier, the company said. Steel & Tube stock has gained 7.4 percent the past six months, making it the nation's worst performing building-materials stock. Slower economic growth, high interest rates and a rising currency created a ``volatile trading environment,'' Chief Executive Officer Nick Calavrias said. ``Commercial construction is expected to remain soft near term and then to pick up towards the end of the year,'' he said. ``The rural and manufacturing sectors will continue to be under pressure for the foreseeable future.'' The company, which is half-owned by Australia's One-Steel, says market conditions have been challenging, despite strong non-residential and infrastructure building at the moment. It says this has boosted demand for the company's steel roofing and pipes, wire products and metal fasteners. However, a high New Zealand dollar, raw material costs and a slowing economy are weighing on performance. Chief executive Nick Calavrias says he expects no pick up before the end of the year.
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February 12th, 2007
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St Louis Missouri - Belden CDT sees 4Q profit rise
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| Electronic cable maker Belden CDT Inc. said Thursday its fourth-quarter profit climbed 11 percent, helped by improved sales. Net income grew to $10.7 million, from $9.7 million, for the fourth quarter 2005. Quarterly revenue increased 14 percent to $378.8 million from $331.5 million in the year-ago period. Income for the full year was $65.9 million, up from $47.6 million in 2005. Annual revenue was $1.5 billion, up from $1.25 billion in the year ago period. Full-year operating margin improved by more than 200 basis points to 74 percent.
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February 12th, 2007
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Kolkata India - Ramsarup sees export sales jump 640% in 3rd financial Quarter.
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| Ramsarup Industries Limited, the largest maker of steel wires after TATA Steel and also engaged in laying power transmission lines, has seen a significant leap in its export sales for the quarter. While Net Sales for the quarter ended December 31, 2006, climbed 22.15% year on year, to Rs 302.06 crores from Rs 247.28 crores, export sales have increased by a huge 640% to Rs 20.05 crores during this quarter. The company's Profit After Tax (PAT) for the quarter also rose 69.15% year on year, to Rs 13.87crores from Rs 8.2 crores. For the nine months ended December 31, 2006, PAT has climbed 52% to Rs 32.25 crores from Rs 21.21 crores for the corresponding period last year. Net Sales went up by 27.05% to Rs 886.4 crores from Rs 697.66 crores. Export sales for the nine months increased 304.29% to Rs 36.75 crores. Focusing on increased wire capacity, Ramsarup will give a major thrust to the transmission line business, with a view to consolidate its position in the power sector and also increase profitability.
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February 9th, 2007
- Reports
Highland Heights Kentucky - General Cable reports improved results in 4th Quarter
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| General Cable Corporation reported Thursday revenues and earnings for the fourth quarter. Revenues were $925.3 million compared to $617.5 million in the prior year. Net income applicable to common shareholders for the fourth quarter of 2006 was $35.3 million compared to a net loss of $3.3 million in the fourth quarter of 2005. President and Chief Executive Gregory B. Kenny said General Cable enjoyed continued demand growth for transmission cable in North America. Its overall global electric utility business enjoyed a 44 percent jump in net sales, on a metal-adjusted basis. "Combined with the tremendous growth we are experiencing in underground high-voltage systems, this clearly suggests that the electric transmission grid problems in North America and Europe are starting to be addressed," he said in a statement. "I believe this is the start of a long-term trend."
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February 7th, 2007
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McKinney, Texas - Encore Wire 4Q profit plunges
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| Encore Wire Corp., a maker of copper electrical wire for housing and commercial buildings, said Tuesday its fourth-quarter profit plunged margins shrank.The company earned $6.2 million, down from $35.4 million, in the same period of the prior year. Sales rose 7 percent to $262.3 million from $244.2 million. The cost of sales increased 36 percent to $238.5 million. They comprised 90.9 percent of total sales versus 72.1 percent in the year-ago period. "In response to the declining copper prices and the much-publicized slowdown in residential construction our industry has cut wire prices faster than copper prices have fallen, resulting in compressed margins and net earnings," said Daniel L. Jones, president and chief executive, in a statement.
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February 3rd, 2007
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Mumbai India - Usha Martin profit up on higher value-added sales
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| Usha Martin Ltd. reported a 72 percent rise in net profit in the Oct-Dec quarter on an improved product mix and a higher share of value-added products, a senior official said. The specialty steels and wire rope maker reported a net profit of 284.1 million rupees in the quarter ended December compared with 165 million rupees in the year-ago period. "We see the growth in the fourth quarter on similar lines," Senior Vice-President S. Somani told Reuters on Wednesday. Apart from an increase in sales of value-added products, the company's operating margins have improved, he said. Usha Martin is currently expanding its specialty steel capacity to 1 million tonnes from 0.4 million tonnes now.
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February 2nd, 2007
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Montreal Quebec - Alcan returns to profit on surging wire demand
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| Despite warnings from consumer advocates aluminum wire is making gains as a substitute for copper, according to Alcan Inc., helping the company return to profit in the fourth quarter. Although copper prices have lately been in decline from last years peak the cheaper aluminum cable and wire is winning favor for use in industrial building applications. Aluminum wire now makes up roughly 40 per cent of the so-called ~{!0~}building wire~{!1~} market. As regulations changed, which allowed the use of aluminum for building wire, switching from more expensive copper wire has slowly increased over the past two decades. But in the past year, when the price of copper climbed to more than $3.50 (U.S.) a pound at one point, the level of demand for aluminum wire surged. ~{!0~}We're seeing an accelerated switch [to aluminum] and it has also allowed us to raise prices significantly and still be well under copper,~{!1~} Alcan's president and chief executive officer Dick Evans said in an interview on Wednesday, following the release of the company's fourth-quarter and year-end financial results.
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February 1st, 2007
- Reports
Paris France - Nexan's results for 2006 boosted by 8.2% organic growth
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| The Nexans Board of Directors, which met on January 30, 2007, with Gérard Hauser as Chairman, has approved the accounts for 2006. Sales in 2006 totaled 7.489 billion euros compared with 5.449 billion euros in 2005. Sales calculated at constant non-ferrous metal prices amounted to 4.442 billion euros compared with 4.263 billion euros in 2005, and reflects an organic growth of 8.2%. Nexans also announced the signing of a deal with Superior Essex for the sale of its winding wires activities in Canada and in China for 32 million euros. These agreements relate to the Simcoe plant in Canada and Nexans' 80% majority interest in Nexans Tianjin Magnet Wires and Cables company. (see news item above) Commenting on the 2006 results, Nexans Chairman and CEO Gérard Hauser said: "Our results are highly satisfactory since we reached our 2005-2007 objectives a year ahead of time. Despite particularly high raw material prices in 2006, the company has achieved strong growth and rising profits. We have also stepped up our presence in the developing regions and pursued our development in high added value specialty products. On the basis of these results, we are today announcing the launch of a new strategic plan for 2007-2009, the main objective of which is to make Nexans a global player in the infrastructure, OEM and construction markets with energy cables as its engine for growth. After refocusing our conductor activities on our own requirements, this plan should enable us, by 2009, to achieve sales of 5 billion euros at constant metal prices, a 7.5% operating margin, a return on capital employed (at 2006 metal prices) approaching 13% and
positive net cash flow. For full details use this link
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January 25th, 2007
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Taipei Taiwan - Taya Vietnam reports losses for fourth quarter
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| Taya Vietnam Electric Wire and Cable Joint Stock Company, the first foreign invested enterprise to list on the Vietnam bourse, has reported the loss of VND11.5billion for the fourth quarter of 2006. Taya made profit in the first and second quarters of 2006 because the company made products with materials imported in the fourth quarter of 2005 at low prices ($4,500/tonne), which also helped the company sell out its inventory. However, the copper price in the world rose dramatically in the first and second quarters of 2006 to $7,200/tonne (up by 90% compared to 2005~{!/~}s average level). Although the world~{!/~}s copper price suddenly decreased to $6,700/tonne after hitting the $8,000/tonne level in the second quarter of 2006, Taya Vietnam had imported materials when the prices were at high levels, and had to reduce the selling prices of its products to follow the price decreases in the market.Though suffering losses in the fourth quarter, the company still gained the post tax profit of VND52.706bil ($3.29mil).
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January 19th, 2007
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Mount Airy North Carolina - Insteel Industries 1st Quarter Profit Tumbles
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| Insteel Industries Inc., which makes steel wire reinforcing products, said Thursday its fiscal first-quarter earnings fell 25 percent on slowing residential home construction and higher raw material costs. Earnings for the quarter ended Dec. 30 declined to $5.8 million from $7.7 million during the same period last year. Revenue fell 8 percent to $69.7 million from $75.6 million during the same period a year ago. The company cited weakness in residential home construction and higher raw material costs, as well as efforts by customers selling to the housing sector to reduce their inventories. Looking ahead, Insteel Chief Executive H.O. Woltz III said the company expects challenging business conditions in the second quarter due to further weakness in residential construction, increased imports of strand wire and higher raw material costs. Woltz added that the company expects conditions to improve in the second half of the year, driven by strength in nonresidential construction, a gradual recovery in the housing sector, greater contributions from its investment initiatives and a seasonal upturn in demand.
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November 27th, 2006
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Haaksbergen The Netherlands - Strong 3rd Q for Cable group TKH
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| TKH´s turnover rose by 27.1% to € 168.8 million in the third quarter of 2006. Organic turnover growth was 17.5%. All groups contributed positively to the increase in turnover. Within the Technical Trading Group the acquisitions contributed significantly to the turnover growth. The turnover in the Cable Group grew sharply because of volume growth on the one hand and the strong increase in raw material prices on the other. Turnover in the Machinery Group showed limited growth, reflecting the first impact of the strongly increased order intake since end of 2005. The order intake of the Machinery Group in the past months increased, in line with the first half, by over 30%.
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November 23rd, 2006
- Reports
Dalian China - Fushi International, Inc. reports 3rd Quarter 2006 results
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| Fushi International, Inc a low-cost, emerging Chinese manufacturer of bimetallic wire used in a variety of communication, transmission and other electrical products, today announced financial results for the third quarter ended September 30, 2006. Net sales were $12,956,000 up 52% from the same period in 2005. Operating Income was $3,073,000 up (2.74%) from $2,991,000 a year earlier. "While results are below our internal expectations we did make progress in several of our stated initiatives which included expanding production and sales capacity, specifically for our new fine wire offering, and strengthening our balance sheet through improvements in working capital management. We are now operating a total of ten fine wire production lines, which when coupled with our 20 regular and coaxial lines, has afforded us the opportunity to further grow and diversify our product and customer base. The Company ended the third quarter in a significantly better financial position as evidenced by our key balance sheet metrics. We are currently pursuing a new financing facility which will enable the Company to further expand production capabilities during 2007 while obtaining the necessary working capital to optimize output and meet customer demand," stated Mr. Li Fu, the Chairman and Chief Executive Officer of Fushi International.
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November 20th, 2006
- Reports
Portland Oregon - Oregon Steel Mills' 3rd Quarter profit up
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| Oregon steel mills reported the Q3 2006 operating income and pretax of 185% and 176% respectively, YOY, resulting in record net income $50.6 million. The company's net income of $127.9 million for the first nine months of 2006 exceeded 2004's previous record annual net income of $116.7 million. The Q3 sale in 2006 up by 43% to a record $429.1 million compared to sales of $299.7 million YOY. Total shipments for Q3 of 2006 451000 tonnes were 18% higher than compared to Q3 of 2005 shipments which were 381800 tonnes. The company informed that the increase in shipments was primarily due to increased shipments of plate and coil, rail and welded and seamless pipe products partially offset by lower shipments of bar and rod products. The primary reason for the decline in bar and rod shipments is due to company's decision to divert raw steel to the production of seamless pipe production and away from rod and bar products.
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November 20th, 2006
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Abuja Nigeria - Ajaokuta Steel exports exceeds N1billion (US $5.8million)
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| Ajaokuta Steel Company Limited (ASCL) under the managment of Global Infrastructure Nigeria Limited (GINL) said yesterday it has realized a production output of 9,000 metric tonnes of wire coils and rebars worth $5.8million (about N 1.088billion) between March and May this year. The latest production status was given by Federal Government representatives on the board of ASCL while briefing the press shortly after the maiden board meeting. A breakdown of the export status show that the company produced wire coils from the Wire Rod Mills amounting to 3,333 metric tonnes worth $1.5m while rebars from the Light section Mill amounting to 5,638 metric tonnes worth $4.3m was produced by the firm within the period. Among the members of the board who spoke to newsmen include Chief Sam Nkire, Abdul-Ghanly Bello, Engr. B.M. Borodo, Mrs. Ngozi Olejeme and Chief Dayo Abatan. The board which devoted their first inaugural meeting to studying the problems standing in the way of the project, however pledged to do everything possible to fast track the development of the steel project. Mrs. Olejeme said that the development was a good omen for the country as the steel plant was comatose for the past 20 years, stressing that the above figures were mainly activities that involved markets in the West African sub-region, namely, Ghana, Togo, Sierra-leone and Liberia.
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November 20th, 2006
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Belo Horizonte Brazil - Arcleor Brazil’s Q3 earnings up by 50% Year on Year
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| Arcelor Brasil has reported a Q3 net profit of 619 million Brazilian reels ($289 million) up 50% from BRL413 million in the year ago quarter. Arcelor Brasil noted that the third quarter 2005 results were made on a pro forma basis for comparison purposes. Arcelor Brazil’s net revenue in the third quarter rose by 20% to BRL3.63 billion from BRL3.04 billion in the year ago quarter. EBIDTA increased by 21% to BRL1.19 billion from BRL989 million in the year-ago quarter. Arcelro Brazil said that the year ago quarter results were adjusted to account for gains, expenses and charges related to the consolidation of Companhia Siderurgica Tubarao, Belgo Mineira and Vega do Sul under the Arcelor Brasil banner. The company is the result of combining of Companhia Siderúrgica Belgo-Mineira, Companhia Siderúrgica de Tubarão (CST) and Vega do Sul and is made up of 25 industrial units which produce and process all types of steel. With a work force of 14,500, Arcelor Brasil is the platform from which the growth of the Arcelor Group in the Americas is to develop. The Group encompasses some of the most competitive steel companies in the world, as well as conducting its business in a consumer market with considerable potential for development.
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November 13th, 2006
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Kortrijk Belgium - Bekaert Consolidated sales of advanced wire products up 4% in first 9 month
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| After a record growth in 2004 and 2005 Bekaert again recorded an increase in consolidated sales in the first nine months of 2006. 3% was from the net movement in acquisitions and divestments and 1% from the impact of currency movements. Advanced wire products achieved consolidated sales of € 1 290 million in the first nine months of 2006 and combined sales of € 2 162 million, an increase of 4% and 6 % respectively. (Combined sales are sales generated by consolidated companies, joint ventures and associates). Sales benefited from a positive impact of currency movements, most notably in Brazil and Chile. In Europe, Bekaert was faced with increased competition and pressure on prices. The company recorded weak demand for steel cord products for tire reinforcement. Bekaert strengthened its position with the acquisition of Cold Drawn Products Ltd., which supplies specialized profile wires. In North America, Bekaert noted a distinct weakening of the most important industry sectors in which the company is active. The wire plant in Muskegon (Michigan) was closed and the activities acquired from Conflandey Inc. were transferred to Shelbyville (Kentucky). Bekaert acquired Delta Wire in Clarksdale (Mississippi), a major supplier of bead wire for tire reinforcement. Bekaert expanded its position in the strongly growing Chinese steel cord market. The company recorded sales growth of 43%, supported by a substantial investment program. Sales of other advanced wire products were also higher, partly based on the acquisition of ECC Card Clothing in 2005. For full press release use this link
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November 4th, 2006
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Nürnberg Germany - Leoni wire & cable division making strong gains.
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| Underpinned by the good order situation in all segments, successful integration of new subsidiaries and the
increased price of copper, the Wire & Cable Division’s sales grew by about 67 percent to EUR 815.0 million in the first three quarters (from EUR 487.8 million in the previous year). EBIT improved by almost 77 percent to EUR 53.0 million (EUR 30.0 million). Studer Draht- und Kabelwerk AG, the Switzerland-based special cables company acquired at the end of July 2006 and which was also the focal point of capital spending, already contributed to the Wire & Cable Division’s business success in the third quarter. With Studer Leoni AG will, among other things, expand its position in the market for industrial and transport engineering cables. The Wire & Cable Division will in the future obtain further beneficial impetus from Leoni HighTemp Solutions GmbH, the high temperature cable specialist based in Halver, North-Rhine Westphalia that will shortly commence production, and from the Austrian, Gmünd-based NBG Fiber-Optic GmbH, acquired in early October, which will strengthen the glass fiber cable systems business. Leoni remains confident about 2006 as a whole: The Wiring Systems Division is forecast to generate sales
growth to approximately EUR 930 million (from EUR 879.4 million in the previous year). From today’s
perspective, the Wire & Cable Division will substantially increase the volume of its business to more than EUR 1 billion (from EUR 668.6 million). On this basis, the Leoni Group is likely to record a sales increase of about 30 percent to roughly EUR 2 billion (EUR 1.55 billion in the previous year) and thus to reach the upper end of the forecast range, which the Company had already raised at the end of the first half, the company said. For full press release use this link
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October 30th, 2006
- Reports
St. Louis Missouri - Belden join long string of cable producers reporting stellar Q3 results.
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| Belden said Thursday that its third-quarter net income more than quadrupled from last year's quarter, which was hit by higher charges. The company also said it invested $5 million in its wireless technology partner, Extricom. The company reported that its net income for the quarter ended Sept. 30 soared to $24.39 million, growing 302 percent from $6.07 million in the quarter ended Sept. 30, 2005. Belden said its third-quarter revenue grew 21.8 percent to $385.6 million from $316.5 million in last year's quarter. The company said in a release that the revenue increase included 2.3 percent favorable currency translation. John Stroup, Belden's president and CEO, said in a statement, "Through our product portfolio management activities, we improved our operating income while deliberately curtailing some less profitable sales. As we expected, our profitability in Europe improved, and we announced further steps in our European restructuring." Separately, Belden said Thursday that it spent $5 million to purchase a minority interest in Extricom, a privately held designer and manufacturer of Wi-Fi infrastructure products, including wireless LAN systems.
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October 28th, 2006
- Reports
Brantford Ontario - According to 3rd Quarter reports wire & cable makers have record results
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| With the exception of facilities serving the US construction related sector wire & cable businesses have a banner year. We receive regularly press releases from wire and cable companies. Our selection criteria for highlighting reports is simple - those we deem of general interest to our audience of wire & cable producers we publish. An example is Nexans see this linkBecause it present a breakup of the results not only in product categories but also in geographical areas. Anixter International Inc. one of the world's leading distributor of communication products, electrical and electronic wire & cable and a leading distributor of fasteners this past week reported record quarterly sales of $1.33 billion an increase of 32 percent compared to sales of $1.01 billion in the year ago quarter. This suggests the demand is strong. We also deem Robert Grubbs, (President and CEO) comments on 3rd Q sales should be of interest (See Extended Story)
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See
Extended Story..
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October 27th, 2006
- Reports
Ranchi India - Usha Martin net advances 59.73% in Sep`06 qtr
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 Usha
Martin (Q, N,C,F)* has posted 59.73% increase in net profit to Rs 237.2 million
for the quarter ended September 2006 from Rs 148.5 million during the same period
last year. The total income of the company has increased by 19.03% to Rs 3534.4
million for the 30th September 2006 from Rs 2969.3 million for the quarter ended
September 2005. Net sales rose to Rs 3514.5 million in the quarter as compared
with Rs 2953.5 million in the corresponding quarter. Usha Martin, one the largest
steel wire makers in the world, has outlined an investment plan of Rs 12 billion
for ramping up its specialty steel manufacturing capacity from the existing 320,000
tonnes per annum (tpa) to one million tonnes within the next 3-4 years.
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