Irish Steel figures improve

Irish Steel improved its results in the fourth quarter of 1999, according to Mr Jai Saraf, director of finance at Ispat International, Irish Steel's parent. However, it is "still far from giving a return" on the group's investment. Asked if Irish Steel is incurring losses, Mr Saraf said he could not elaborate. Ispat's latest results, announced yesterday, show a rise in net sales from $1.08 billion (€1.11 billion) to $1.25 billion in the fourth quarter of 1999. Profit before tax increased from $29 million to $69 million. Sales in the full year rose from $3.49 billion to $4.68 billion. Pre-tax profit fell from $288 million to $128 million.