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Alloy Steel International Inc (OTC:AYSI)

WEB NEWS

Wednesday, April 28, 2010

Comments & Business Outlook

The Directors are extremely gratified about the prospects for the company in and beyond 2010 and in particularly Western Australia the Company's largest domestic market, where Alloy Steel is experiencing a boom in expansion programs for new mine construction and existing mining operations to meet increasing international demand for iron ore and other commodities with demand coming out of Chinese and Indian markets.

The with the recent release of the companies new premium thicker Arcoplate SuperAlloy product range, Alloy Steel is also seeing a significant increase in demand from international distributors and users compared with the last two years.

				Three Months Ended
	December 31,
	2009			2008
	(unaudited)			(unaudited)

Sales	$	5,842,028		$	1,845,504

Cost of Sales		2,488,865			1,149,433

Gross Profit		3,353,163			696,701

Operating Expenses
Selling, general and administrative expenses		1,126,539			677,265

Income (Loss) From Operations		2,226,624			18,806

Other Income (Expense)
Interest income		3,721			15,019
Interest expense		(10,266	)		(4,949	)
Insurance recovery		7,336			6,093
Impairment expense		(3,684	)		(11,355	)
Other income		13,551			7,735
		10,658			12,543
Income (Loss) Before Income Tax Expense (Benefit)		2,246,097			31,349
Income tax expense (benefit)		740,074			30,977
Net Income (Loss)		1,506,023			372
Net (income) loss attributable to non-controlling interests		1,929			2,578
Net Income (Loss) attributable to Stockholders	$	1,507,952		$	2,950
Basic Income (Loss) and Diluted Income (Loss) per Common Share	$	0.087		$	0.000

Weighted Average Common Shares Outstanding		17,350,000			17,350,000

Comprehensive Income (Loss)

Net Income (Loss)	$	1,507,952		$	2,950
Other Comprehensive Income (Loss)
Foreign currency translation adjustment		139,566			(963,467	)
Comprehensive Income (Loss)	$	1,647,518		$	(960,517	)

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