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Tree Island Steel Ltd. reported first quarter revenue fell 13% to $38.1 million, hampered by sales volumes decrease of 9.9% to 27, 601 tons and a 4% reduction in revenue per ton from lower cost of steel. Gross profit edged up to $4.2 million, with gross profit per ton improving 17.6% to $153 per ton, despite the lower revenues and sales volume.
“As a result of the Company’s ongoing efforts and focus on cost management and operational efficiencies, EBITDA and EBITDA per ton increased to $1.8 million and $66, respectively compared to $1.7 million and $56 during the corresponding period in 2012.”