There's more bad news for Special Metals today. The corporation reported a loss of $10.7 million in the second quarter.
Company officials said it has enough cash to continue normal operations.
Special Metals had reported a loss of two-point-seven million dollars in last year's second quarter.
The company filed for bankruptcy protection last March.
Sales during the past quarter dropped 23.3 percent to more than 140 million dollars. That's a drop from the second quarter of 2001 when sales totaled nearly 183 million dollars.
Special Metals is the world's largest maker of nickel-based alloys for the aerospace, power, chemical and medical industries. It has 10 manufacturing plants in the United States and Europe and employs nearly 700 people at its Huntington plant.
Company officials blamed its woes on a sharp decline in demand for vacuum-melted products which offset increased sales of strip and wire rod products.