Saturday, November 08, 2008

Keystone Steel and Wire Company

The company reported profits of approximately $23 million for the last quarter. Read the article in the JS today carefully and you will note the Keystone spokesperson would not say how the economy has affected the company since September 30 nor would he predict earning possibilities in the future.

Caterpillar did report truthfully and their stock dropped significantly.

As to Keystone not commenting, I find interesting. Keystone has a significant loan of taxpayer money being paid on an installment plan to Peoria County. The county has a strong interest in being paid back while helping Keystone retain its local work staff.

4 comments:

Anonymous said...

Are you suggesting that Keystone Steel isn't being truthful? The positive performance would in part suggest a continued ability to repay the loan that you mention and employ locals...

Merle Widmer said...

Dear Anoy,

No, are you? Quotes from the JS dated 11/08/08, "Downing (CFO) declined to give an outlook for the fourth quarter or discuss whether the economic downturn has hampered Keystone".

Go figure. If you have money to loan, maybe Keystone could use a million or so. But, you know, they can't predict whether or not your money has a promising future.

I'm sure you would say, that's good enough for me. Here's the money.

David P. Jordan said...

Just within the past three weeks, a number of those gondolas (railcars) Keystone Steel & Wire has used to coiled wire rod have been stored. Perhaps this is due to a downturn in sales or maybe a maintenance shutdown? I hope the latter, but I don't recall this happening before.

Anonymous said...

I can assure you Keystone isn't being truthful, I and plenty of others have been laid off since before Christmas except for a one week period when they had to run the Arc shop to fill an order....they have two days worth of orders right now and I'm waiting to be called back to run a week and then be laid off again...I assure you there isn't any steel being melted at Keystone!