Armco Inc.: Net income for 1989 rose...
From Times Staff and Wire Reports
Armco Inc.: Net income for 1989 rose 13% to $165 million on sales of $2.42 billion, down 25% from the previous year. The Parsippany, N.J., steelmaker said, “The weakness in the second half was worse than anticipated as the fourth quarter never rebounded from the seasonal weakness of the third quarter.” Net income for 1989 included unusual items that increased income by $35.7 million. For the fourth quarter, profit fell 52% to $15.5 million on sales of $416.2 million, down 50% from 1988’s fourth quarter. The decrease in sales was primarily attributable to Armco no longer including the operating results of the Eastern Steel division, which became Armco Steel Co., a joint venture with Kawasaki Steel Corp.
