Arcelor Mittal Galati doubles profit in 2007

Steel plant Arcelor Mittal Galati (eastern Romania) , the biggest asset held in Romania by the global leader in the field, ArcelorMittal, doubled net profit last year, drawing near 100 million euros, compared to net result of some 48 million euros in 2006.
According to consolidated financial results made public late last week by the Ministry of Economy and Finance (MEF), ArcelorMittal Galati reported in 2007 a turnover worth 6.9 billion lei (2.1 billion euros), up by some 23% as against thje previous year and net profit of some 324 million lei (98.4 million euros), up 106% compared to net profit reported in 2006.
The revenues of the biggest producer in the local sector of iron and steel grew 18%, from 1.85 billion euros in 2006 to 2.3 billion euros last year. At world level, the group reported in 2007 net profit worth 10.4 billion dollars (7 billion euros), up 30% as against the previous year.
Profit of ArcelorMittal Galati in 2007 accounted for 1.4% from the result obtained at global level, daily Business Standard reports. According to sources close to the company, the rise might be explained through the portfolio of products with added value to which the plant has directed lately, but also the rise in the delivered products, given the upward trend al world level.
The Galati-based plant, the first one bought by billionaire Lakshimi Mittal on the local market, was the only one within the group which reported positive results. Arcelor Mittal Hunedoara (center Romania) ended 2007 with losses worth 51.8 million lei (15.6 million euros), after a profit worth 22.5 million lei (6.4 million euros) in 2006, allowing for the diminution in turnover by 5% from 213 million euros in 2006 to 202 million euros in 2007. The two plants of pipelines included in the group's portfolio reported losses, too, because of the cut in business.
ArcelorMittal Galati is not the only player on the local market which doubled net profit in 2007.
According to the information carried by the ministry of economy and finance, Silcotub Zalau (center Romania), owned by Tenaris group, reported net profit worth 27.8 million euros, double as against the previous. The growth of the profit took place because of the rise in turnover from 179 million euros to 223 million euros. TMK Artrom (Slatina, south) owned by Russian group TMK decreased profit threefold from 18.4 million euros in 2006 to 6.4 million euros.

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