California Steel Industries, Inc. (CSI) reported net income of $35.1 million on sales of $339.8 million for the fourth quarter, and net income of $109.34 million on sales of $1.250 billion for the full year of 2004, both record results for the company, now in its twentieth year of operations.

Fourth Quarter Results—Net income of $35.1 million compares to net income of $3.1 million for the fourth quarter of 2003. Sales of $339.8 million compare to sales of $191.9 million for the fourth quarter of 2003. Shipments totaled 451,799 tons, and EBITDA totaled $67.9 million.

Full Year Results—Net income of $109.34 million compares to net income of $4.5 million for 2003. Sales of $1.250 billion compare to sales of $764 million for 2003. Net income and sales for 2004 are both record results for the company. CSI shipped a record level 2.11 million tons of steel products, and EBITDA totaled $224.0 million. Production records were set in all major operating units, while the company's employees again achieved its lowest total injury rate for the year.

Comments—"We are obviously pleased with our results for 2004," said Masakazu Kurushima, President and CEO. "While the market for steel was the strongest we have seen in many years, both at the demand and price levels, it is important to note that CSI had prepared to meet these market conditions, and our entire team responded to meet our customers' requirements," he continued.

Liquidity continues to remain strong, with the balance under the company's Revolving Credit Agreement at $4.0 million as of December 31, 2004, with availability of more than $100 million. Capital spending for 2004 totaled $23.0 million.

California Steel Industries is the leading producer of flat rolled steel products in the western United States (the 11 states located west of the Rocky Mountains) based on tonnage billed, with a broad range of products, including hot rolled, cold rolled, electric resistant weld pipe and galvanized coil and sheet. Located in Fontana, Calif., CSI has about 1000 employees.