Armco Reports Third Straight Quarterly Loss
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Armco, the diversified steelmaker suffering from lower oil prices and the effects of a five-day strike, reported a third consecutive quarterly loss, bringing its loss for the year to more than $500 million.
The company said that in the third quarter, it lost $59 million on revenue of $633.2 million, compared to a profit of $78.2 million on revenue of $727.6 million for the same period last year.
The third-quarter loss includes a $21-million charge to increase Armco’s reserves in its insurance companies and a $5.6-million loss on the sale of its interest in a Canadian joint venture.
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