Mittal Group sees loss at Roman, profit at Iasi facility

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Pipes producer ArcelorMittal Tubular Products Roman (PTRO, east), the most important listed company held by Indian billionaire Lakshmi Mittal in Romania, posted more than 11 million euros in losses in H1 2008, against an 8.5% reduction in turnover to 116 million euros, reports Ziarul Financiar.
In the similar period of 2007, PTRO had seen a net record-high profit of 8.3 million euros for a turnover of 135 million euros. Despite that, the company closed 2007 with 12 million euro in the red. In the reports to the Rasdaq over-the-counter market, company representatives did not explain what the source of the loss had been.
 
In H1 2008, the debts of ArcelorMittal Roman increased by a significant 27% to 122 million euro. PTRO plummeted 70% on the stock exchange, for a company capitalization of some 32 million euro.
The other pipes producer held by Mittal in Romania, ArcelorMittal Tubular Products Iasi (TPRO, east) switched to profit in H1 2008 after a four-year streak of losses following its putting into private hands. The company reported a net profit of 4.7 million euro, from losses of 2.5 million euros in the first half of 2007. The company turnover advanced 32% to 38.7 million euros. The company's value on the stock exchange is 14.5 million euro.
 
Another important company controlled by ArcelorMittal, Siderurgica Hunedoara (SIDG, country center) did not yet report its H1 financial results. The Galati-based steel mill ArcelorMittal Galati (east) is the largest company held by the group in Romania; the plant reported in 2007 a turnover of 2.08 billion euros and a net profit of 97 million euros.
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