Stelco CEO Comments on Company’s Financial Position
05/11/2004 -
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Stelco CEO Comments
on Company’s Financial Position
May 11, 2004 — Commenting on the company’s financial position looking forward into the second quarter 2004, Stelco President and CEO Courtney Pratt, advised that, "We expect to be cash positive in the second quarter reflecting selling prices for most steel products, which are at an all-time high. This kind of pricing is having a positive short-term impact on our results. However, we believe that this level of pricing is not sustainable.
"It remains a very high priority to restructure this company to become a competitive, viable entity that generates sufficient income and cash flow in all market conditions in order to attract the investment needed to complete critical capital upgrades. Today, we are not able to raise capital."
Stelco Inc., a large, diversified Canadian steel producer, is involved in all major segments of the steel industry through its integrated steel business, mini-mills, and manufactured products businesses. Consolidated net sales in 2003 were $2.7 billion.
