Sales for Steel, including inter segment sales, were USD 2 billion in 2011, an increase of 44% YoY from USD 1.4 billion in 2010. Demand from the energy and industrial sectors drove the improvement, as well as favorable pricing and an increase in raw material surcharges of approximately USD 210 million.

The Steel segment posted USD 270.7 million in EBIT for the year or 13.8% of sales, up by 85% YoY from USD 146.2 million or 10.8% of sales in 2010. The improvement reflects higher volume, surcharges, pricing and favorable mix led by the industrial and energy sectors, partially offset by higher material costs.

For the quarter, Steel segment sales were USD 468.4 million, up by 23% YoY from the fourth quarter of 2010. Strong demand from the energy sector, pricing and an increase in surcharges of approximately USD 35 million, drove sales higher.

EBIT for the fourth quarter was USD 71.5 million or 15.3% of sales as compared with EBIT of USD 42 million or 11.1% of sales in 2010. Higher surcharges, improved pricing and mix were partially offset by increased raw material costs.