LTV Reports $80 Million Loss
CLEVELAND (AP) _ LTV Corp. on Friday reported a loss of $80 million in the third quarter, blaming price pressure from imported steel.
LTV also said in its earnings statement that since 1998, it has been working toward a 3,400 reduction of steel jobs, or 26 percent, by next year. The statement did not say how many of those job cuts have been made. A company spokesman was not immediately available for comment.
LTV’s loss amounted to 82 cents per share. That was wider than the 76 cents a share loss expected by analysts surveyed by First Call/Thomson Financial.
This year’s July-September performance compared with a loss of $58 million, or 58 cents a share, in the third quarter of 1999.
LTV sales in the quarter rose 19 percent to $1.17 billion from $983 million in the 1999 third quarter.
Through nine months, LTV reported a loss of $368 million, or $3.75 per share, on sales of about $3.8 billion. During the same period of last year, LTV had a loss of $145 million, or $1.46 per share, on sales of nearly $3 billion.
The company’s integrated steel business suffered from what Peter Kelly, LTV chairman and chief executive officer, described as ``surging levels of unfairly traded imported hot rolled steel″ and also higher natural gas costs and equipment repair expenses.
Kelly said imports resulted in lower demand and lower prices for LTV’s flat rolled steel products during the third quarter.
Results also were affected by higher inventories at steel service centers.
Meanwhile, LTV’s metal fabrication segment more than doubled its third quarter 2000 shipments and sales, compared with the third quarter of last year, reflecting the acquisition of Copperweld in the fourth quarter of 1999.
Shares of LTV closed Friday unchanged at $1.06 on the New York Stock Exchange.