27.17m-euro losses for Donasid Calarasi

The steel plant Donasid Calarasi, owned by the Tenaris group, the biggest pipe manufacturer in the world, ended last year with losses worth 27.17 million euros (98.37 million RON), according to data published in the Official Gazette. Donasid was taken over by Tenaris last year, with the company having had a much lower production until that time. It did not publish its financial results for 2004 on the site of the Finance Ministry. Losses seen by Donasid last year exceeded the company’s turnover, which stood at 15.1 million euros (54.68 million RON). Tenaris last year took over 97% of the shares of the steel plant for some 37 million euros. The seller was Siprofer AG from Switzerland, owned by the Italian group Beltrame. The cost of the acquisition of Donasid by Tenaris is close to 100 million euros, because, in addition to the price paid for the shares, there are investment commitments in the range of tens of millions of euros made by the Italians at Beltrame, who controlled the company back then and the payment of a 16.8 million euro debt to the State Assets Resolution Authority (AVAS). There is also an additional 25 million euro investment plan.