ALJ Releases 2009 Annual Revenue Results
10/07/2009 - ALJ Regional Holdings, the parent company of Kentucky Electric Steel, reported revenue of $24.5 million for the fourth quarter, and revenue of $110.2 million for the fiscal year ended September 30, 2009.
ALJ Regional Holdings, the parent company of Kentucky Electric Steel, reported revenue of $24.5 million for the fourth quarter, and revenue of $110.2 million for the fiscal year ended September 30, 2009.
The $24.5 million fourth-quarter revenue compares to revenue of $52.2 million for the year-ago fourth quarter ended September 30, 2008. The $110.2 million full-year revenue compares to revenue of $185.6 million for the fiscal year ended September 30, 2008.
“The drop in revenue was due to lower steel shipments and lower prices, both related to the slower economic conditions in the past twelve months,” commented John Scheel, ALJ's Chief Executive Officer. “Happily, KES has shown great resilience and the ability to perform above breakeven throughout the downturn.”
The company noted that complete detailed results would be issued following completion of the annual audit near calendar year-end.
ALJ is the parent company of KES Acquisition Co., which does business as Kentucky Electric Steel, the owner and operator of a steel minimill near Ashland, Ky., producing both merchant bar quality flats (MBQ Bar Flats), and special bar quality steel flats (SBQ Bar Flats).
