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For week ended December 26, 1999 Posted 24 Feb 2001
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Summarized by Kent Larsen

Geneva's net plummets
Deseret News 22Dec99 B4
By Frank Curreri: Deseret News staff writer

VINEYARD, UTAH -- Financially troubled Geneva Steel suffered another setback last year, as it lost $63.5 million in the three months ended September 30, 1999. The steel maker, which is run by and employs many members of the LDS Church, is trying to emerge from Chapter 11 bankruptcy proceedings and return to profitability.

A large part of the loss -- $38 million -- are costs associated with the bankruptcy case. Geneva has fought to keep from being liquidated as well as fighting against foreign steel it says is being dumped into U.S. markets.

The rest of the results are due to sales, also off due to foreign competition. Geneva has sold just $315 million during this fiscal year compared to $720 million in the previous fiscal year.

However, company officials are optimistic due to recent improvements in steel prices and less foreign competition. They say that trade cases and government involvement are slowly improving sales. Geneva says that it has twice increased its steel prices in the past three months.


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