Members,
3rd Quarter Results
Our financial performance for the third quarter of 2024 resulted in profit-sharing payments for employees under the plan. Qualifying employees will receive a bonus payment of $0.72 per eligible hour, which will be deposited directly into your bank accounts by November 15, 2024
This quarter, average selling prices for flat products continued to decline as competitors continue to price their products significantly lower than our cost. We saw approximately a ten percent decrease in prices compared to the prior quarter. Sales volume were also lower mainly due to lower shipment of slab to Portland as a result of slow-down in the plate market.
Oil Country Tubular Goods (OCTG) volumes slightly increased however, average selling prices continued to decline primarily due to the continued pressure from imported pipe into Canada at significantly lower prices.