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WEIRTON STEEL CORPORATION ISSUES RESULTS

 WEIRTON STEEL CORPORATION ISSUES RESULTS
 WEIRTON, W.Va., Jan. 30 /PRNewswire/ -- Weirton Steel Corporation


(NYSE: WS) today reported a net loss of $74.7 million or $3.49 per share of common stock for the year ended Dec. 31, 1991, compared to net income of $.3 million or $0.01 per share of common stock for 1990.
 Net sales for the year were $1.036 billion, a 13.0 percent decline from 1990's $1.191 billion. Shipments were 1,938,800 tons for the year vs. 2,206,400 tons in 1990.
 For the fourth quarter, even though difficult economic conditions continued, the company's cost reducton program combined with increased shipments and improved hot strip mill performance provided financial results which exceeded those of the first three quarters of the year and the comparable prior year period. For the 1991 fourth quarter, the company reported a net loss of $6.6 million or $0.27 per share of common stock on an operating loss of $2.5 million, compared to a net loss of $13.3 million or $0.66 per share of common stock and an operating loss of $12.0 million in the same period of 1990. Sales for the 1991 fourth quarter were $280 million, compared to 1990's $282 million in the corresponding quarter while shipments in the 1991 fourth quarter were 533,800 tons compared to 516,500 tons in 1990.
 Capital investment for modernization of the hot strip mill and other projects continued through the 1991 fourth quarter, bringing 1991's total capital expenditures to $124.5 million. Projected 1992 capital expenditures will be reduced from the levels of recent years and should approximate $40 million for 1992. Two hot strip mill outages are scheduled for a total of seven days in 1992. These outages should permit the company to install equipment required to complete the rebuilding of the reheating and rolling portions of the mill. Herbert Elish, chairman and president, attributed much of the improvement in the fourth quarter to the company's cost reduction program. "Operating a mill with the production constraints temporarily imposed by our capital program in a marketplace characterized by excess supply and falling prices demands that as managers we carefully control our operating cost. We devoted significant attention to reducing the costs of raw materials, employment and energy, the three largest components of the company's cost structure. For example, we achieved a reduction of 13.7 percent in total hours worked by employees from the previous year.
 "A substantial reduction in the operating disruptions caused by the capital improvement program also played a major role in the quarter's improved performance vs. the fourth quarter of 1990 and earlier quarters in 1991," Elish continued. In 1990's fourth quarter, hot strip mill outages totaled 15 days, while a continuous caster outage lasted 45 days. "The recession contributed to weak demand and low selling prices for sheet products throughout most of 1991, but the pace of incoming orders picked up modestly toward the end of the year. Tin products sales and prices continued to be firm and we expect our tin mill to operate at normal levels for 1992," Weirton's chairman said.
 During the year, the company's newly renovated slab caster achieved designed production ranges. This caster permitted the company to achieve 100 percent conintuous cast capability for the first time. "The caster has met all of our efficiency and product quality expectations," Elish noted.
 "The immediate future appears difficult, but there is also some cause for optimism," Elish said. "Even though additional equipment is scheduled to be installed in the hot strip mill, we do not believe that the unit will suffer operating disruptions comparable to those incurred in 1991. We also believe that our strategy of being a 100 percent cast, high-quality steel producer achieving quality and productivity enhancements through our capital improvement program, coupled with a continuation of our cost-reduction program and improved market conditions, will position the company for a return to profitability."
 Weirton Steel employs approximately 6,900 at its integrated flat rolled mill in Weirton, W.Va.
 WEIRTON STEEL CORPORATION
 Statement of Income -- Unaudited
 (Dollars in Thousands)
 1991 1990 1989
 Net sales $1,036,335 $1,190,933 $1,329,413
 Operating costs:
 Cost of sales 1,019,280 1,113,921 1,165,415
 Selling, general &
 admin. expense 29,148 30,393 27,600
 Depreciation 34,335 29,011 26,700
 Provision for
 profit sharing -- -- 21,863
 Special bonus -- -- 5,081
 Total operating
 costs 1,082,763 1,173,325 1,246,659
 Income (loss) from
 operations (46,428) 17,608 82,754
 Other income (expense):
 Interest expense (32,833) (24,351) (18,207)
 Interest income 3,156 9,327 8,374
 Total other income/
 expense (29,677) (15,024) (9,833)
 Income (loss) before
 ESOP contribution &
 income taxes (76,105) 2,584 72,921
 1984 ESOP contribution -- -- 35,474
 1989 ESOP
 contribution 2,610 1,515 729
 Income (loss) before
 income taxes (78,715) 1,069 36,718
 Prov. for inc. taxes (4,000) 755 8,095
 Income (loss) before
 extraordinary item (74,715) 314 28,623
 Extraordinary item:
 Loss on early
 extinguishment
 of debt -- -- 12,595
 Net income (loss) (74,715) 314 16,028
 Income (loss) per share:
 Income (loss) before
 extraordinary item $(3.49) $0.01 $1.37
 Extraordinary item -- -- $0.60
 Net income (loss)
 per share $(3.49) $0.01 $0.77
 -0- 1/30/92
 /CONTACT: Charles R. Cronin of Weirton Steel, 304-797-2306/
 (WS) CO: Weirton Steel Corporation ST: West Virginia IN: MNG SU: ERN


PT -- PG018 -- 5458 01/30/92 16:41 EST
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Date:Jan 30, 1992
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