COS Targoviste cuts losses

Combinatul de Oteluri Speciale (Special Steel Plant) Targoviste managed to cut its losses by nearly two thirds in 2002 compared with the previous year, from $31 million (909bn ROL) in 2001 to $11.8 million (389.4bn ROL) in 2002.
The loss cut was operated although sales dropped from 3,058bn ROL ($105.2 million) in 2001 to 2,957bn ROL ($89.5 million) last year. Swiss trade company Conares Trading AG, held by Russian investors, last year bought the controlling interests (80%) in COS from the Privatisation Authority (APAPS), which retained only 5%. Another significant shareholder of the plant is SIF Oltenia, which holds 15%. The new owner plans to boost COS’ revenues from the $90-$100 million over the last few years to $130 million by 2007. The buyer undertook to pay the $12 million debts of the plant and invest another $47 million in the next few years. ZF