Second Quarter Profit Sharing

The news was not good today as the company announced the results of the second quarter profit sharing which has resulted in a zero payment to the plan. Management says the decrease was been attributed to a 3% decline in steel flat rolled products. A decline of 12% in small diameter pipe due to low drilling activity in Western Canada. Increased imports and stoke optimization programs launched at their North American Facilities. Large diameter pipe production in the Spiral mills remains strong and at full capacity. The company expects an increase in the output demand of steel, both flat and tubular in the third quarter.