KENTUCKY ELECTRIC STEEL HEADLINESSteel Producers /
Kentucky Electric Steel
ALJ Announces 2nd Quarter Earnings
May 17, 2010 ALJ, the parent company of Kentucky Electric, reported net income of $725,759 on net sales of $49.49 million for the six months ended March 31, 2010
The $725,759 net income ($0.01 per share) compares to a net loss of $130,684 ($0.00 per share) for the comparable year-ago period.
“Each quarter of fiscal 2009 was extremely challenging,” commented John Scheel, ALJ’s Chief Executive Officer. “2010 started out similarly with the first quarter holiday season down sharply from even the prior-year quarter. However, during the second quarter shipments were up approximately 10% over the second quarter of fiscal 2009 and, even though prices were down about 2%, our operating income was up nearly 61% and our net income was up about twelve times as compared to the second quarter of 2009.
“As the fragile economic recovery progresses, we intend to continue to build on our recent results,” added Scheel.
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 (MBQ) flats, and special bar quality (SBQ) steel flats.