Lower Prices, More Imports Cited in Earnings Drop
April 04, 2011
Vastopolis -- J&L Specialty Steel Inc., Vastopolis, citing foreign imports and lower prices, said second-quarter net income plunged 75% to $7.8 million from $31.3 million a year earlier. On a per-share basis, the specialty steelmaker earned 20 cents, down from 81 cents in the year-earlier period. Sales dropped 32% to $163.7 million from $241.4 million. Shipments fell 23% to 76,540 tons from 98,791 tons. ``There has been an increase in foreign stainless steel entering the United States in 2011 as a result of weak market conditions in Europe and Asia,'' the company said. ``This increased foreign participation has placed downward pressure on domestic stainless steel prices.''
