Wheeling-Pitt announces 2004 results.Wheeling-Pittsburgh Corp., the holding company of Wheeling-Pittsburgh Steel Corp., has reported its financial results for the year and quarter ended Dec. 31, 2004. For 2004, the company has reported net income of $62.5 million. Net income for the fourth quarter of 2004 totaled $6.4 million. This compares with a net loss of $23.7 million in the fourth quarter of 2003, and net income of $35.6 million for the third quarter 2004. "Our strong financial performance in 2004 and successful secondary public stock offering significantly strengthened our liquidity as we entered 2005," says James G. Bradley, chairman, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "Additionally, production from our new Consteel electric arc furnace An electric arc furnace (EAF) is a furnace that heats charged material by means of an electric arc. Arc furnaces range in size from small units of approximately one ton capacity (used in foundries for producing cast iron products) up to about 400 ton units used for secondary , which began operation in the fourth quarter and is exceeding the manufacturer's production guarantee, is bringing about our transition to a hybrid steel producer." The company says net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for 2004 of $1.4 billion on shipments of 2.1 million tons, with an average steel price per ton shipped of $661. Cost of goods sold Cost of goods sold The total cost of buying raw materials, and paying for all the factors that go into producing finished goods. cost of goods sold in 2004 totaled $1.2 billion, averaging $568 per ton shipped. Wheeling-Pitt's net sales for the fourth quarter of 2004 were $373.7 million on shipments of 503,000 tons of steel products, with prices averaging $743 per shipped ton, down slightly from the third quarter. Cost of goods sold totaled $336.4 million and averaged $669 per shipped ton. Costs in the quarter included maintenance spending in connection with planned outages at the company's hot strip mill and finishing mills, as well as costs incurred during 12 days in December This article or section needs sources or references that appear in reliable, third-party publications. Alone, primary sources and sources affiliated with the subject of this article are not sufficient for an accurate encyclopedia article. following a BOF ductwork duct·work n. A group or system of ducts: installed new ductwork in the building. collapse, during which there was minimal production. Raw material costs increased slightly above third quarter levels despite significantly less purchased coke in the fourth quarter, Wheeling-Pitt reports. The company says it expects shipments for the first quarter of 2005 to be between 500,000 to 515,000 tons, with the average selling price The average sales price of goods or commodities. Especially used in the retail sector and technology distribution. comparable with the fourth quarter. |
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