Oregon Steel Mills, Inc. reported a net loss of $9 million for the first quarter of 2003, compared to a net loss of $18.1 million for the first quarter of 2002.
Product revenues and shipments for the first quarter of 2003 were $166.9 million and 399,200 tons, respectively, compared to $187.9 million and 429,400 tons during the first quarter of 2002. Average selling price for 2003 was $418 per ton, a 5 percent decrease from $438 per ton in 2002.
The decreases in revenue, average selling price and shipments are primarily the result of reduced shipments of large-diameter pipe in the Oregon Steel Division, partially offset by strong shipments of rod and rail at the RMSM Division. During 2002, the Oregon Steel Division shipped 101,200 tons of welded pipe, compared to 51,100 tons during the first quarter of 2003, a decrease of 49 percent. In addition, the division experienced lower production volumes of its plate and coil products and low selling prices due to the continued weak demand during the first quarter of 2003. Average selling price for the Oregon Steel Division for the first quarter of 2003 was $490, compared to $506 in the comparable 2002 quarter.
Revenues, shipments and average selling price at the RMSM Division improved year over year. Average selling price for RMSM products was $370 per ton in the first quarter 2003, compared to $367 a ton in the 2002 first quarter. Increased sales of specialty rod and an announced rod price increase contributed to the higher average sales price per ton.