Auto Supplier says high steel prices reduced Q3 profit

Yahoo! News: “Tesma International, an autoparts company that makes engines, transmissions and fuel systems, said Monday that its third-quarter profit fell 22 per cent to $12.3 million US, mainly because of the high cost of steel.

The company, one of the spinoff companies that Magna International is seeking to take private again, said revenues in the three months ended Sept. 30 increased to $323.5 million US from $254.3 million a year earlier”

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