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(AMM) A.M. Castle returns to profitability in 2d qtr.

July 27, 2010 - 21:58 GMT Location: PITTSBURGH

KEYWORDS: recovery , economy , A.M. Castle

The economic recovery is expected to continue on a fairly stable course, which should keep metals market demand steady for the balance of the year, according to specialty metals distributor A.M. Castle & Co.

The Franklin Park, Ill.-based company posted second-quarter net income of $408,000 in contrast to a $5.5-million net loss in the same period last year on sales that jumped 23.1 percent to $240.1 million from $195.1 million.

"Business conditions have continued to improve and we returned to profitability earlier than anticipated," Michael Goldberg, president and chief executive officer, said during a conference call. "Sales activity and overall business conditions in the end-markets we serve improved from first-quarter levels, particularly in the general industrial and oil and gas markets, where demand for alloy bar and...

All material subject to strictly enforced copyright laws. © Euromoney Institutional Investor PLC.

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