Ispat International N.V. reported a net loss of $10 million for the third quarter, compared to net income of $26 million the same time last year.
Consolidated sales and operating loss for the third quarter were $1.3 billion and $4.0 million, respectively, as compared to $1.3 billion and an operating income of $92 million, respectively, for the third quarter of 2002. Total steel shipments decreased by 8 percent to 3.6 million tons, as compared to 3.9 million tons shipped in the same period last year.
Two events significantly affected this quarter's operating income. Firstly, the reline of blast furnace No 7 at Ispat Inland resulted in additional costs for purchasing slabs to service customer orders during the reline period. Secondly, the strike at Ispat Mexicana in August resulted in 11 days of lost slab production.
Debt at the end of third quarter was $2.3 billion. Capital expenditure for the third quarter totaled $79 million.
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