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Kentucky Electric Steel Parent ALJ Announces 2nd Quarter Earnings
05/14/2008 - Kentucky Electric Steel parent ALJ reports net income of $6.8 million on net sales of $82.3 million for the six months ended March 31, 2008.
ALJ, the parent company of Kentucky Electric Steel, reported net income of $6.8 million on net sales of $82.3 million for the six months ended March 31, 2008.
The $6.8 million net income compares to net income of $3.9 for the six months ended March 31, 2007. The $82.3 million net sales compares to net sales of $73.8 million for the six months ended March 31, 2007.
“Sales volume for the first half of fiscal 2008 was comparable to that of the same period in 2007,” said John Scheel, ALJ’s CEO. “Selling prices were higher as a result of continued escalation of scrap, alloys and energy but the margins improved due to the successful efforts at KES to control conversion costs.”
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).
