Steelmaker's Net Fell 42% In Quarter on Lower Prices
April 04, 2011
LTV Corp., citing lower prices, said its second-quarter net income dropped 42% to $32 million from $55.6 million a year earlier. On a per-share basis, LTV, the nation's third-biggest steelmaker, earned 30 cents, down from 51 cents in the year-earlier period. LTV's fully diluted per-share earnings of 29 cents topped analysts' expectations of about 23 cents. But LTV's operating profit per ton, a key industry measure, was just $19.61, well below industry leader AK Steel Holding Corp.'s $63 a ton mark. Cleveland-based LTV's sales fell 3.4% to $1.08 billion from $1.11 billion. LTV was dogged in the quarter by lower prices, which developed last year amid sagging demand and rising capacity.
