Worthington Industries Posts $160 Million 2Q09 Loss on Softening Demand and Price of Steel
Worthington Industries Posts $160 Million 2Q09 Loss on Softening Demand and Price of Steel
SUGAR LAND--December 23, 2008--Researched by Industrial Info Resources (Sugar Land, Texas)--Worthington Industries Incorporated (NYSE:WOR) (Columbus, Ohio) has posted a second-quarter 2009 loss of about $160 million as a result of the economic downturn and a major drop in steel prices. As part of cost-cutting efforts, the company plans to permanently close its Louisville Cold-Rolled Steel Plant in Kentucky by the end of 2009. Industrial Info has been tracking the plant closure, which is expected to cost about $1.5 million, since November.
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