Dofasco Inc. reported record earnings, a result of excellent operating performance and robust North American flat rolled steel demand.

Dofasco’s 2004 net income was $376.9 million ($4.92 per share after deducting preferred share dividends), compared to $117.7 million ($1.55 per share) restated net income in 2003. These results are well above the previous record for annual net income of $260.8 million reported in 1999.

Dofasco’s President and CEO Don Pether said,

Dofasco people continue to implement our strategy with excellence, and continue to deliver value to our customers and shareholders. While we enjoyed record pricing levels in 2004, we also successfully managed significant challenges on the cost side and seamlessly executed major capital projects in our manufacturing facilities.