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This is compared to net income of USD15.0m (USD1.63 per diluted share) in the third quarter ended 31 August 2008.
The company said that its earnings fell largely as a result of lower earnings from TAMCO, its 50%-owned steel mini-mill in Southern California. TAMCO has seen a significant decline in demand for steel rebar due to the lack of infrastructure and commercial construction spending in TAMCO's primary markets in Arizona, Nevada and California.
Sales in the third quarter of 2009 totalled USD131.4m, a fall of 23% from USD170.1m in theAsame period of 2008.
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