Our financial performance for the fourth quarter of 2022 performance resulted in profit-sharing payments for employees under the plan. The payout will be $7.46 per eligible hour bonus payment for qualifying employees deposited into your bank account by April 17, 2023.
Our strong financial performance was primarily due to continued strong demand for OCTG products and we also received a refund from the US customs for large diameter duties paid in prior years that were higher than our final assessed duty rate. Even though we started to see line pipe demand softening in the fourth quarter, the average selling price for this product was still higher than normal which positively impacted our financial performance.
The steel mill ran at full capacity as we continue to utilize any excess capacity after meeting tubular demand to produce and ship slabs to Portland.
Thank you all for your dedication and performance throughout the year. Your efforts are very much appreciated.
Looking Forward
Safety of all our employees is important to us, we should not lose focus on safety at any time.
We are seeing demand for both OCTG and line pipe softening in the short-term, it is imperative that we continue to work on improving our operational performance with a focus on the quality of the products we produce, controlling costs, and delivering on our commitments to our customers.