Oregon Steel Reports Numbers for Quarter

Oregon Steel Mills, Inc. reported fourth quarter net income of $1.8 million on sales and shipments of $184.9 million and 401,300 tons compared to fourth quarter 2000 net loss of $4.1 million on sales and shipments of $153.1 million and 380,800 tons.

Operating income for the quarter was $8.3 million compared to fourth quarter 2000 operating income of $1.6 million.

Average selling price per ton for the fourth quarter of 2001 was $461 compared to $402 for the comparable 2000 period. The increase in average selling price is partially due to increased welded pipe sales in the Oregon Steel Division, which have a higher average selling price than plate products and to improved rod pricing at RMSM. Welded pipe shipments during the fourth quarter of 2001 were 102,900 compared to 40,700 in the fourth quarter of 2000.

For the fiscal year ending December 31, 2001, the net loss was $4.7 million compared to a net loss of $18.3 million for the previous year. Sales were $729.3 million on shipments of 1.6 million tons compared to 2000 sales of $636.5 million on shipments of 1.6 million tons.