Armco: The Parsippany, N.J., carbon and specialty...

Armco: The Parsippany, N.J., carbon and specialty steel maker’s second-quarter profit soared 90% to $75.6 million, even as sales fell 19% to $665.6 million. The results reflect gains of $112.3 million on completing a joint venture with Kawasaki Steel Corp. and $15 million from a favorable ruling on certain foreign export commitments. They also include charges of $40.4 million for restructuring and $45 million related to Armco’s runoff insurance operations. The 1988 period included a $15-million charge related to the runoff insurance companies. The company said: “Overall, the strength of our carbon, stainless and electrical steel markets continued with some softening near the end of the quarter.”