GLOBE&MAIL: STEEL ON A TEAR
By GREG KEENAN
Another record has tumbled in Canada's red-hot steel industry, with Ipsco Inc. racking up a profit of $439-million (U.S.) last year, the highest yet by any Canadian steel maker and an amount that pushed profits for the industry well above $1-billion (Canadian) last year. Ipsco joins Dofasco Inc. of Hamilton and Algoma Steel Inc. of Sault Ste. Marie, Ont., in reporting record profit.
All three capitalized on steel prices that soared to record levels last year to rack up a combined profit of $1.25-billion, based on a conversion of Ipsco's profit to $528-million using the year-end close of the Canadian dollar of $1.2047 (U.S.). "As I've said innumerable times, it's the best steel market since the dawn of time," said Randy Cousins, who follows the industry for BMO Nesbitt Burns in Toronto. |