Stelco Foresees Large 2Q Losses

摘要

Stelco Inc., Hamilton, ON reports that it expects a second quarter net loss in the range of 80 Canada dollars to 90 million Canada dollars or 0.83 Canada dollars to 0.92 Canada dollars per common share. Final actual results for the quarter would depend on the company's performance in June. Despite the higher losses in the quarter, the impact on Stelco's liquidity position is being mitigated through aggressive cash management initiatives. On May 31, after a 15 million Canada dollars long-term debt payment made in May, the consolidated undrawn available lines of credit and cash and cash equivalent balances were 173 million Canada dollars compared with 210 million Canada dollars at the end of the first quarter.