Sales in the third quarter dipped by 19 per cent to US$1.018bn compared to the corresponding period last year. The company says this reduction reflects strategic decisions to focus on profitable businesses and accounts, lower sales of traditional products, unfavorable foreign exchange impact, and soft industry demand as a result of the broader economic downturn in some businesses and regions.

The net loss for the quarter of US$312m would have been US$139m without restructuring and reorganisation costs, which the company says is an improvement of US$66m over the prior-year quarter.

The company’s focus on cost reductions and profitability resulted in a decrease in selling, general and administrative expenses of US$63m, a 24 per cent reduction from the same period in the year before.

Antonio Perez, chairman and CEO says, “Since our Chapter 11 filing in January, we have focused on the businesses that are core to our future strategic direction and exited businesses that were unprofitable. The actions we are taking in response to economic and market conditions are working and will position us to emerge in 2013 as a growing, profitable, sustainable company.”

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