Despite a first-quarter loss of $15.8 million, Esmark Inc. expects to turn a profit in the second quarter.

The Wheeling, W.Va.-based steelmaker and distributor said Thursday it anticipates second-quarter earnings of 35 to 45 cents per share in contrast to a 40-cent-per-share loss in the first quarter.

In addition, Nasdaq has notified Esmark that all filing delinquencies have been remedied and that it no longer faces delisting. The company had been facing removal by the exchange, which Esmark attributed to the complexity of the accounting related to its tie-up with Wheeling-Pittsburgh Steel Corp. in November 2007 (AMM, June 4).

James P. Bouchard, Esmark's chairman and chief executive officer, said that strength in the flat-rolled sector and improvements in mill operations underpin the rosy outlook. The company's downstream operations also are making an increased contribution to the bottom line, he said. "We want to send an indication to both potential acquiring companies that restructuring operations are under way and we will return to profitability."

Russia's OAO...