ISG Reports Jump in Income for Quarter

International Steel Group Inc. reported second quarter net income of $94.1 million and net income of $165.0 million for the first half 2004.

The company reported a net loss of $27.5 million for the second quarter last year and a net loss of $29.8 million for the first half of last year. However, the company cautioned that comparisons to 2003 are not meaningful because the acquisition of Bethlehem Steel Corp.'s assets last May more than doubled the size of ISG and significantly improved its product and customer mix.

Second quarter 2004 net income of $94.1 million was 33 percent higher than the $70.9 million in the first quarter 2004.

Net sales were $2.083 billion, an increase of $313.5 million from the first quarter 2004. The average selling price per ton shipped increased to $546 in the second quarter 2004 from $458 in the first quarter as strong global demand for steel continues. Shipments were about the same and Weirton, which was acquired during May 2004, accounted for about 5 percent of second quarter shipments.

Operating income improved by about 50 percent from $86.5 million in the first quarter 2004 to $129.5 million in the second quarter 2004.