Thursday, September 25, 2003
ISG, which bought LTV's assets, contributed to the increased output.
YOUNGSTOWN -- Ohio steel producers made and shipped 12.4 percent more steel in the first half of this year than in the same period in 2002, but a midyear analysis says high energy and scrap prices offset the growth for many companies.
The report, compiled by the Center for Urban Studies at Youngstown State University, shows Ohio's steel producers made 6.4 million tons in the first two quarters, up from 5.7 million tons made from January through June last year.
Steel shipments reflected a similar increase, 6.8 million tons in the first half of this year, compared with 6.1 million tons in the first six months of 2002, an increase of 11.5 percent.
But natural gas prices rose 78 percent in the first half, eating up a good percentage of increased sales revenue; the cost of steel scrap used in the making of new steel climbed 30 percent in the same period.
Ohio steelmakers invested 15 percent more on capital investments compared with a year ago, spending $56.3 on improvements. Employment totaled 16,313, up 1.3 percent from a year ago.
The report, based on statistics provided by Ohio's major steelmakers, was compiled for the Ohio Steel Council.
WCI Steel in Warren and V & amp;M Star in Youngstown are local members of the council, a public-private partnership designed to strengthen ties among the state of Ohio, its steel industry and its citizens.