Stelco tops expectations as profit more than doubles despite challenging start to first quarter

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Stelco tops expectations as profit more than doubles despite challenging start to first quarter
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Stelco says its net income for the first quarter more than doubled to $262-million or $3.52 per diluted share, from $119-million or $1.34 per share a year earlier

The Hamilton-based steel maker says its net income for the first quarter more than doubled to $262-million or $3.52 per diluted share, from $119-million or $1.34 per share a year earlier.

Revenues for the three months ended March 31 increased 36 per cent to $906-million, from $665-million in the prior-year quarter. Average selling prices increased 56 per cent to $1,493 per net ton from the prior year but were down 19 per cent from the fourth quarter.

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