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Inland Steel Industries Inc., beset by what it called an “unprecedented” decline in steel prices, had a soft ending to an otherwise strong year, with fourth-quarter earnings falling 30 percent.
The Chicago-based company reported a net income of $24.9 million, or 47 cents a share, down from $35.9 million, or 66 cents a share, a year earlier. Quarterly sales declined 3 percent, to $1.12 billion from $1.16 billion.
For the year, Inland’s earnings rose 36 percent, to $146.8 million, or $2.69 a share, from $107.4 million, or $1.81 a share, in 1994. Sales increased more than 6 percent, to $4.78 billion from $4.49 billion, the company’s fourth consecutive year of revenue growth.
