SEWICKLEY, PA. Cold Metal Products reports loss for 4th straight quarter
THE VINDICATOR, YOUNGSTOWN
SEWICKLEY, Pa. -- Cold Metal Products said it lost $482,000 in its most recent quarter, which was its fourth straight money-losing quarter.
The steel processor, which has a plant in Youngstown and office in Boardman, said sales for its first quarter, which ended June 30, were $44.8 million, which was off 26 percent from the same quarter a year ago.
The loss from the most recent quarter, which amounted to 8 cents a share, compares with earnings of $765,000, or 12 cents a share, in the same quarter last year.
Raymond Torok, company president and chief executive, said results were off because of continuing weak demand for company products. Prices also softened in the last quarter, he said.
Company actions: Torok said the company continues to reduce its selling and administrative costs. Those actions, plus a decline in interest rates, will largely offset the weak market, which is expected to continue through the current quarter, he said.
The company is scaling back production at its New Britain, Conn., plant, which will be closed soon.
Torok said new work rules in a recently signed labor contract at its Youngstown plant will help the company compete.
Cold Metal, based in Sewickley, Pa., processes steel for automotive, construction, cutting tools and other industries. It employs about 600 at seven plants, including about 130 in the Mahoning Valley.