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Dofasco Reports Record Quarter
Oct 24, 2002
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Dofasco Inc., a Canada-based steel-solutions provider, reported third-quarter results driven by strong shipment levels and higher revenue per ton shipped. For the 3 months ended Sept. 30, 2002, Dofasco's consolidated net income was U.S. $91.8 million, compared to $21.9 million in the third quarter of 2001. This represents Dofasco's highest ever quarterly earnings when unusual items are excluded from results reported for previous quarters. After deducting preferred share dividends, earnings per common share for the quarter were $1.22, compared to $0.29 per share for the same period in 2001.

John Mayberry, Dofasco's Chair and Chief Executive Officer, commented on the results saying, "These earnings reflect continued strong demand for Dofasco and Gallatin's products and the benefits achieved from the very successful Hamilton hot mill improvement program completed in late 2001."

Dofasco's consolidated sales in the quarter were $930.8 million on shipments of 1,209,000 tons. In the third quarter of 2001, consolidated sales were $719.2 million and shipments were 1,043,000 tons.

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