ALJ Releases 2nd Quarter Revenue Performance
04/09/2009 - ALJ, the parent company of Kentucky Electric Steel, reports revenue of $26.5 million for the second quarter, and revenue of $66.5 million for the six months ended March 31, 2009.
ALJ, the parent company of Kentucky Electric Steel, reported revenue of $26.5 million for the second quarter, and revenue of $66.5 million for the six months ended March 31, 2009.
Second-quarter revenues of $26.5 million compare to revenue of $44.90 million for year-ago second quarter. Six-month revenue of $66.5 million compares to revenue of $82.33 million for the six months ended March 31, 2008.
"The revenue for the first half and second quarter Fiscal 2009 are down 19% and 41% from the comparable periods in Fiscal 2008 and sales volumes for the same periods are off by 30% and 44%, respectively, which we believe reflects the industry-wide reduction in demand for steel products,” said John Scheel, ALJ's Chief Executive Officer. “We remain focused on managing our costs to ensure maximum profitability during this downturn in the economy.
We expect the positive operating income in the first quarter at ALJ to continue for the recently-finished second quarter and, thus give us a first half to be proud of."
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).
