Wheeling Reports $303-Million Loss for the Year
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PITTSBURGH — Wheeling-Pittsburgh Steel which has filed for protection under Chapter 11 of the U.S. Bankruptcy Code and was hit by a 98-day strike last year, reported a net loss Friday of $303 million for 1985, $94.1 million in the fourth quarter.
In 1984, the nation’s seventh-largest steelmaker lost $59.4 million, $49.8 million in the final quarter.
“Low operating levels, severe price discounting and continued high levels of imports, in addition to the work stoppage, all contributed to the operating loss,” the company said Friday after the markets had closed.
Revenue in the fourth quarter dropped 62% to $96.3 million from $251 million in the same period of 1984, according to the earnings report. Shipments decreased 55% to 238,231 tons from 530,219 tons in the 1984 fourth quarter.
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