Metal processing company Worthington Industries (ticker: WOR) reported Q1 2006 earnings results yesterday. Chairman and CEO John McConnell discussed company developments in China during management's earnings results conference call. For some background on Worthington's activities in China let's first take a look at what McConnell said on a previous conference call:
From Worthington's Q3 2005 Earnings Conference Call (March 16, 2005):
We've also gained excellent traction in China with our mid-rise product, the 3 to 8-story product. With the support, full support of the Chinese government to build mid-rise construction projects in China. We are currently in the design phase with this product, and construction will begin throughout the calendar year.
From Worthington's Q1 2006 Earnings Conference Call (September 21, 2005):
I also want to take a minute and update you on our construction efforts in China. We will break ground on the first of two of our proprietary mid-rise building designs in China in October. These prototypes are our ability to start to go after what is a huge opportunity in China. But they only represent the beginning of a long road towards acceptance. So we're going to have to continue to stay on top of that for you and keep you informed as our progress continues.
(Quotes are from the CCBN StreetEvents transcript.)
Comment: The company did not provide any China updates during management's Q4 2005 earnings results conference call.