(Ivaco Inc) said price pressure on steelproducts, particularly in the U.S., and the recent increase in
the value of the Canadian dollar is expected to result in
"minimal" first quarter earnings.
    It said subsequent quarters should show substantial
improvement from first quarter levels but 1987 earnings will
not reach 1986 levels as long as those conditions continue.
     Ivaco earlier reported 1986 profit rose to 44.1 mln dlrs,
after a one mln dlr extraordinary gain, from 35.1 mln dlrs the
previous year. It said demand for the company's products are
continuing at high levels and sales are expected to show
further growth. Revenues last year rose to 1.94 billion dlrs
from 1.34 billion dlrs in 1985.       
 Reuter
