For the year ended December 31, 2004, Stelco reported net earnings of $65 million ($0.63 per common share) compared with a restated net loss of $564 million ($5.62 per common share) for the year ended December 31, 2003.
Courtney Pratt, Stelco’s President and Chief Executive Officer, said, “While our cash and financial positions have obviously improved during the past year, we had hoped for a more positive fourth quarter. As we indicated on March 8, 2005, the results for that period were adversely affected by repair and maintenance activity, the resulting impact on output and productivity, and the increased cost of such raw materials as coke, coal and scrap. Looking ahead, we anticipate a positive year in 2005 in terms of operating earnings and steel prices. As a consequence the Company is reaffirming its 2005 guidance issued on March 8, 2005. We remain focused on achieving the successful conclusion of our Court-supervised restructuring process in the coming months.”