Amadeusz Juskowiak

Ivaco sees minimal first quarter earnings

Ivaco Inc said price pressure on steel products particularly in the US and the recent increase in the value of the Canadian dollar is expected to result in minimal first quarter earnings

It said subsequent quarters should show substantial improvement from first quarter levels but 1987 earnings will not reach 1986 levels as long as those conditions continue

Ivaco earlier reported 1986 profit rose to 441 mln dlrs after a one mln dlr extraordinary gain from 351 mln dlrs the previous year It said demand for the companys products are continuing at high levels and sales are expected to show further growth Revenues last year rose to 194 billion dlrs from 134 billion dlrs in 1985