Birmingham Steel Comments On Stock Activity.Business Editors BIRMINGHAM, Ala.--(BUSINESS WIRE)--April 4, 2001 John Correnti, Chairman and Chief Executive Officer of Birmingham Steel Corporation (NYSE NYSE See: New York Stock Exchange : BIR BIR British Institute of Radiology BIR Bureau of Internal Revenue BIR Bureau of International Recycling BIR Baculovirus IAP Repeat BIR Biomedical Imaging Resource BIR Bureau of Intelligence and Research (US State Department) ), said he was not aware of the reason for yesterday's price decline in the Company's common shares. Correnti noted the Company's business conditions appear to be improving as it enters the seasonably sea·son·a·ble adj. 1. In keeping with the time or the season. See Usage Note at seasonal. 2. Occurring or performed at the proper time; timely. stronger spring construction period. Correnti also said that financial results for the quarter ended March 31, 2001 will be in line with management's expectations. Correnti stated that management is encouraged by the progress of its turnaround plan for Birmingham Steel, and that discussions continue with North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. Metals and are also underway with other prospective purchasers regarding the sale of the Company's special bar quality (SBQ SBQ Sociedade Brasileira de Quimica (Portugese) SBQ Special Bar Quality ) assets in Cleveland, Ohio and Memphis, Tennessee. Correnti noted that recent bankruptcy filings by several steel companies have created concern and speculation about the cash flow position of a number of steel producers including Birmingham Steel. Correnti said that availability under the Company's revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility in excess of working capital requirements has improved recently as a result of increased shipments, improved margins, reduced costs and continued control of inventory levels. "Our cash flow and financial performance are improving," said Correnti. "We expect continued improvement in financial and operating results in the June quarter," Correnti concluded. Birmingham Steel operates in the mini-mill segment of the steel industry. Birmingham Steel's stock is traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol "BIR". Except for historical information, the matters described in the press release are forward-looking statements within the meaning of the safe-harbor provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including economic conditions, market demand factors, equipment breakdowns or failures, the Company's continued compliance with its financing arrangements and its principal debt agreements, as well as other risks described from time to time in the Company's periodic and special filings with the Securities and Exchange Commission. Any forward-looking statements contained in this document speak only as of the date hereof, and the Company disclaims any intent or obligation to update such forward-looking statements. Refer to the risk factors in the Company's Form 10-K for the year ended June 30, 2000. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion