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Iscor Limited
UNAUDITED group net operating income and physical results for the quarter
ended 31 March 2002
* Net operating income up 118% * Domestic sales up 19%
Quarter Nine months
ended ended
31 March 31 March
2002 2001 2002 2001
Rm Rm Rm Rm
REVENUE (Rm) 3 792 2 668 10 238 7 902
Flat Steel Products
- Vanderbijlpark 1 831 1 612 5 722 4 955
- Saldanha Steel 600 - 848* -
Long Steel Products 1 321 953 3 400 2 678
Suprachem 179 122 484 347
Other 84 89 257 236
Intra Group (223) (108) (473)
Intra Group (223) (108) (473)
NET OPERATING
INCOME (Rm) 312 143 1 052 470
Flat Steel Products
- Vanderbijlpark 210 84 562 370
- Saldanha Steel (65) - 10* -
Long Steel Products 158 58 437 99
Suprachem 32 24 94 53
Other 7 1 15 10
Group costs (30) (24) (66) (62)
*Total for four months from December 2001 when Saldanha Steel became a
wholly owned subsidiary
PHYSICAL RESULTS ('000 tons)
Flat Steel Products
- Vanderbijlpark
Liquid steel production 843 809 2 655 2 638
Sales 671 619 2 164 1 895
- Local 476 424 1 481 1 339
- Exports 195 195 683 556
Local sales as % of total 71 68 68 71
- Saldanha Steel
Hot-rolled coil
- Production 246 216 744 641
- Sales - export 284 261 739 660
Long Steel Products
Liquid steel production 509 477 1 556 1 479
Sales 456 416 1 324 1 217
- Local 261 195 759 553
- Export 195 221 565 664
Local sales as % of total 57 47 57 45
TOTAL
Liquid steel
production 1 352 1 286 4 211 4 117
Sales 1 411 1 296 4 227 3 772
- Local 737 619 2 240 1 892
- Export 674 677 1 987 1 880
Local sales as % of total 52 48 53 50
GROUP RESULTS
Net operating income for the quarter and the nine months showed strong
growth against the corresponding periods last year despite the inclusion of
Saldanha Steel's operating loss. The improvement was driven by the weaker
exchange rate, strong domestic sales and the supply of iron ore at cost,
effective from the beginning of the current financial year.
PERFORMANCE OF STRATEGIC BUSINESS UNITS
Flat Steel Products
Vanderbijlpark
The quarter's net operating income shows a 150% increase compared to the
same period last year. This resulted from the weaker exchange rate, higher
domestic sales and continued cost benefits from the re-engineering process.
Saldanha Steel
The net operating losses for the quarter and the nine months (including the
five months before the operation became a full subsidiary) are as follows:
2001/02 2000/01
Rm Rm
Quarter ended March (65) (239)
Nine months to March (253) (536)
Hot-rolled coil production for the quarter increased by 14%, while sales
volumes increased by 9%. The net operating loss decreased significantly due
to an improvement in dollar prices, the weakening of the rand and improved
operational performance.
Production output was limited by the refractory deficiencies in the Corex
plant, which will be addressed during the planned refractory repair in
April/May 2002. Although the repair will have a negative impact on Saldanha
Steel's results for the last quarter, it will enable future production to be
ramped up to full design capacity.
Long Steel Products
Net operating income for the quarter increased by 172% compared with last
year following the significant improvement in domestic sales, the impact of
the weaker exchange rate and the more favourable iron ore supply terms,
which offset the slide in dollar prices.
The excellent production level of the Newcastle Works of recent years was
unfortunately interrupted by cold furnace conditions in the blast furnace
during start-up after a routine maintenance shutdown in April, which will
limit the expected improvement in its fourth quarter results.
Suprachem
The operation continued to perform well as a result of better prices driven
by the weaker exchange rate, together with higher output levels.
OUTLOOK
Realised steel prices are expected to improve and the domestic market should
remain strong during the fourth quarter, which will offset the negative
effects of the Corex repair at Saldanha Steel and the production
interruption at the Newcastle Works.
3 May 2002
Registered office: Iscor Head Office, Roger Dyason Road, Pretoria West,
0002. Registration number: 1989/002164/06 Share code: ISC ISIN Code:
ZAE000022729
Transfer secretaries: Computershare Services Limited, 2nd Floor, Edura
House, 41 Fox Street, Johannesburg
PO Box 1053, Johannesburg, 2000. This report is available on Iscor's
worldwide website at: http://www.iscor.com
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