11/9/2012 1:46:00 AM
NEWS BRIEFS
Tree Island Steel Income Improves
Tree Island Steel reported sales, including fasteners, declined 10% to $34 million in the third quarter of 2012, while operating income rose to $220,000 compared with a $2 million loss in the third quarter of 2011. For the quarter the company reported a net loss of $1.9 million. Q3 sales volume decreased 11.5% to 24,242 tons.
Nine-month sales grew 2.3% to $117.6 million, with operating income increasing to $2.4 million compared with a $38,000 loss in the first nine months of 2011. Net income grew to $12.7 million. Sales volume dipped 4.9% to 80,825 tons.
Headquartered in Richmond, British Columbia, Tree Island completed its conversion from an income fund to a corporation in October. The company produces wire products for a range of construction, industrial, residential, manufacturing, and industrial applications. Its products include bright wire, stainless steel wire and galvanized wire; a broad array of fasteners, including packaged, collated and bulk nails; stucco reinforcing products, engineered structural mesh, fencing and other fabricated wire products.
The company markets these products under the Tree Island, Halsteel, K-Lath, Industrial Alloys, Tough Strand, and TI Select brand names. ©2012 GlobalFastenerNews.com
Related Stories:
• FDI: Fastener Distribution Sales Up in October
• Chicago Rivet & Machine Marks Milestone
Related Links:
Share: