Inco Ltd. reported adjusted net earnings of $65 million for the second quarter, compared with adjusted net earnings of $65 million for the second quarter of 2002.
Despite the impact of the strike at our Ontario operations that commenced June 1, our second quarter results benefited from strong performance at our Manitoba and PT International Indonesia Tbk operations as well as continued robust demand in the global nickel market. At the same time, we made progress advancing our growth projects at Voisey's Bay and Goro,” the company noted in a statement.
“The nickel market showed its underlying strength in the second quarter as demand remained robust despite negative economic news and a sluggish recovery in Western economies. With a projected increase in Western stainless steel production and Chinese nickel demand, we currently expect overall nickel demand will grow by an estimated 6.7 percent in 2003.
“We produced 45,197 metric tons of nickel during the quarter, which was 6,000 metric tons below our guidance on April 16, 2003. Production fell short in Ontario due to the strike, but we exceeded our production targets at Manitoba and PT Inco. Prior to the strike, we were on target to exceed our production goals for the quarter at all of our operations, reflecting the progress we have made improving the efficiency of our business.”Latest from Recycling Today
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