S&P: Intl Steel unaffected

Standard & Poor's said Monday that despite the marked improvement in International Steel Group Inc.'s (BB/positive/--) second-quarter earnings announcement, there is no impact on its ratings or outlook on the company.

International Steel Group continues to realize improving financial performance due to the strong conditions in the domestic steel industry. The company's operating income increased to $129.5 million for the quarter ended June 30, 2004 from $86.5 million in the prior quarter ended March 31, 2004.

Still, the company has aggressively expanded the business through acquisitions and is expected to continue to do so. An upgrade is predicated on the company continuing a successful integration of acquired assets, including the ramping up of assets that were previously idled and re-qualifying some of its coated steel production with key automotive customers.

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