Armco: The Parsippany, N.J., steelmaker’s third-quarter profit...

Armco: The Parsippany, N.J., steelmaker’s third-quarter profit slipped 8% from a year ago to $33 million as revenue dropped 46% to $441.1 million. The decrease in sales was primarily attributable to Armco no longer including the results of its Eastern Steel division, which became Armco Steel Co., L.P., a joint venture formed earlier this year with Kawasaki Steel Corp. The firm said its operating results reflected “weaknesses in several markets and the effect of raw material surcharge reductions for some of our businesses,” which were offset by “strengths in our grinding media and Latin American operations.”