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Sales for fiscal year 2010 declined 26.2 percent to $1.94 billion. Profit for the diversified metals manufacturing company was $45.2 million, compared to a year ago loss of $108.2 million.
"The recession has made the past two years very difficult, but I believe we are a better company today because of the way we have responded," said John P. McConnell, Chairman and CEO. "We began to recover from the global recession this fiscal year, rebounding from the only year with an earnings loss in company history in fiscal year 2009."
Fourth quarter Steel Processing segment sales of $349.6 million were up 95 percent over the prior year quarter. Higher volumes increased sales by $146.9 million while higher average selling prices increased sales by $23.6 million.
Pressure Cylinders sales increased 12 percent to $144.8 million. A 20 percent increase in net sales in the North American operations was partially offset by an 18 percent decrease in European operations.
Fourth quarter Metal Framing sales were $87.1 million, down 21%, year over year.