Armco Inc.: The Parsippany, N.J., steelmaker lost...
From Times Staff and Wire Reports
Armco Inc.: The Parsippany, N.J., steelmaker lost $8.8 million in its third quarter, versus income of $33 million a year ago. Sales fell 5% to $418.1 million. The profit reflects $7.9 million of accruals on the repurchase of its 13.5% senior notes due in 1994. The company also blamed “a softening economy in the United States, economic reforms in Brazil and production problems and outages associated with our modernization efforts.”
