Republic Announces Second Quarter Profit
07/21/2004 - Republic Engineered Products Inc. announced net income of $7.4 million on revenues of $288.2 million for the three months ended June 30, 2004. The profitable quarter was the second in a row for Republic, which was established in December 2003.
Republic Engineered Products Inc. announced net income of $7.4 million on revenues of $288.2 million for the three months ended June 30, 2004. The profitable quarter was the second in a row for Republic, which was established in December 2003.
Operating income was $17.9 million and shipments were 479,800 tons. In the first quarter of 2004, Republic reported net income of $5.7 million.
"Our markets remained strong, leading to increased shipping volumes and improved efficiencies," said Joseph F. Lapinsky, President and CEO. "Surcharges we have implemented have helped to offset much of the rising cost of raw materials. Our employees have done a great job in continuously improving our operating performance."
Six Month Results—Republic reported net income of $13.1 million on revenue of $528.4 million and shipments of 922,000 tons for the first six months. Operating income was $32 million.
"Although we are pleased with our performance, we continue to face challenges," Lapinsky said. "The cost for coke and iron ore pellets, key ingredients for blast furnace operations, is rising sharply and worldwide supplies are tight. We are working with our customers and suppliers on these raw materials issues and studying ways to more efficiently conduct our operations. We are very proud of what Republic has accomplished in the past six months. We have established that we are a tenacious organization, with a passion to take on and overcome obstacles so that we become stronger."
Republic Engineered Products, Inc. is a leading North American supplier of special bar quality (SBQ) steel, a highly engineered product used in axles, drive trains, suspensions and other critical components of automobiles, off-highway vehicles and industrial equipment. With headquarters in Fairlawn, Ohio, the privately owned company operates steelmaking centers in Canton and Lorain, Ohio, and value-added rolling and finishing facilities in Canton, Lorain and Massillon, Ohio; Lackawanna, N.Y.; Gary, Ind.; and Hamilton, Ont. Republic employs approximately 2,300 people.
