8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): June 8 , 2004

ROANOKE ELECTRIC STEEL CORPORATION
(Exact name of Registrant as specified in its charter)

Virginia	0-2389	54-0585263
(State or other jurisdiction of incorporation)	(Commission   File Number)	(I.R.S. Employer    Identification No.)
102 Westside Blvd., N.W., Roanoke, Virginia                    24017
(Address of principal executive offices)                       (Zip Code)

Registrant's telephone number, including area code: (540) 342-1831

 

Item 7.		Financial Statements and Exhibits
	(c)	Exhibits
		Exhibit No.	Description
		99.1	News Release of Roanoke Electric Steel Corporation, issued June 8, 2004

Item 12.     Results of Operations and Financial Condition

          On June 8, 2004, Roanoke Electric Steel Corporation issued a news release reporting its financial results for the fiscal quarter ended April 30, 2004. A copy of the news release is furnished and attached as Exhibit 99.1 to this report.

SIGNATURES

          Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this current report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.

Roanoke Electric Steel Corporation

By: /s/ Donald G. Smith

       Donald G. Smith

       Chairman and Chief Executive Officer

Dated: June 9, 2004

INDEX TO EXHIBITS

Exhibit No.	Description
99.1	News Release of Roanoke Electric Steel Corporation, issued June 8, 2004

EX-99 2 news_rel2ndqtr04.htm NEWS RELEASE FOR 2ND QUARTER 04 - RESC

NEWS RELEASE	FOR IMMEDIATE RELEASE
	CONTACT: T. Joe Crawford
		(540) 342-1831

ROANOKE ELECTRIC STEEL CORPORATION

REPORTS RECORD SALES AND SECOND QUARTER RESULTS

          ROANOKE, Virginia, June 8, 2004 -- Roanoke Electric Steel Corporation (Nasdaq: RESC) today reported net earnings for the second quarter ended April 30, 2004, of $5,222,056, compared to a net loss of $1,476,247 in the second quarter last year. Basic earnings per share for the quarter were $.48 ($.47 diluted), compared to basic loss per share of $.13 ($.13 diluted) in the 2003 second quarter. Sales for the quarter were a record $118,949,522, up 54.3% from sales of $77,075,724 for the same period last year.

          For the six months ended April 30, 2004, the Company reported net earnings of $6,755,732, compared to a net loss of $3,606,119 for the same period last year. Basic earnings per share were $.62 ($.61 diluted), compared to basic loss per share of $.31 ($.31 diluted) last year. Sales for the six months of 2004 were $206,205,032, a 49.2% increase from sales of $138,205,678 for the same period last year.

          Donald G. Smith, Chairman and Chief Executive Officer, stated:

           "We are very pleased to report that for the fifth consecutive quarter our earnings per share have improved. Revenues for the quarter were the highest of any quarter in the history of our Company. The increase in revenues was attributable to improved selling prices and shipments of most products. Although the cost of scrap, our principal raw material, increased, in most cases we were able to pass the increase along to our customers. Due to our increased revenues and increased capacity utilization, our gross earnings and earnings per share for the quarter were the highest since 1999.

           "Many of the markets that the Company services appear to be improving. One area that has been slow in improving is the nonresidential construction segment; however, during the quarter we saw signs of strengthening in that sector and expect that trend to continue. Our mills continue to be busy, and in early May we decided to start-up our second furnace and caster at the Roanoke mill. This additional capacity should help us meet the increased demand we are experiencing."

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NEWS RELEASE (con'd.)
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6-08-04

Consolidated Statements of Earnings (Loss)

		(Unaudited)				(Unaudited)
		Three Months Ended				Six Months Ended
		April 30,				April 30,
		2004		2003		2004		2003
Sales	$	118,949,522	$	77,075,724	$	206,205,032	$	138,205,678
Cost of sales		99,581,309		72,799,345		177,984,962		130,856,140
Gross earnings		19,368,213		4,276,379		28,220,070		7,349,538
Other operating expenses		10,668,055		6,740,496		16,970,264		12,987,938
Earnings (loss) before income taxes
and cumulative effect of change
in accounting principle		8,700,158		(2,464,117)		11,249,806		(5,638,400)
Income tax expense (benefit)		3,478,102		(987,870)		4,494,074		(2,260,691)
Earnings (loss) before cumulative
effect of change in accounting
principle		5,222,056		(1,476,247)		6,755,732		(3,377,709)
Cumulative effect of change
in accounting principle		- - -		- - -		- - -		(228,410)
Net earnings (loss)	$	5,222,056	$	(1,476,247)	$	6,755,732	$	(3,606,119)
Earnings (loss) per share of
common stock:
Earnings (loss) before cumulative
effect of change in accounting
principle:
Basic	$	0.48	$	(0.13)	$	0.62	$	(0.31)
Diluted	$	0.47	$	(0.13)	$	0.61	$	(0.31)
Cumulative effect of change in
accounting principle:
Basic		- - -		- - -		- - -		(0.02)
Diluted		- - -		- - -		- - -		(0.02)
Net earnings (loss) per share of
common stock:
Basic	$	0.48	$	(0.13)	$	0.62	$	(0.33)
Diluted	$	0.47	$	(0.13)	$	0.61	$	(0.33)
Cash dividends per share of
common stock	$	0.10	$	0.05	$	0.15	$	0.10
Weighted average number of
common shares outstanding:
Basic		10,938,880		10,942,813		10,935,813		10,942,813
Diluted		11,040,420		10,947,957		11,007,791		10,952,580

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NEWS RELEASE (con'd)
Pg. #3 of 3
6-08-04

          This release contains various forward-looking statements which represent the Company's expectations or beliefs concerning future events. In accordance with the safe harbor provisions of the securities laws regarding such statements, the Company notes that a variety of factors, including economic and industry conditions, availability and prices of utilities, supplies and raw materials, prices of steel products, foreign and domestic competition, trade policies affecting imports and exports, governmental regulations, interest rates, inflation, labor relations, environmental concerns and compliance issues and other matters, could cause actual results and experience to differ materially from those expressed in the forward-looking statements.

          Roanoke Electric Steel Corporation has steel manufacturing facilities in Roanoke, Virginia and Huntington, West Virginia, producing angles, rounds, flats, channels, beams, special sections and billets, which are sold to steel service centers, fabricators, original equipment manufacturers and other steel producers. Five subsidiaries are involved in various steel-related activities, consisting of scrap processing and bar joist, reinforcing bar and truck trailer beam fabrication.

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EX-99

NEWS RELEASE	FOR IMMEDIATE RELEASE
	CONTACT: T. Joe Crawford
		(540) 342-1831