Laminorul Braila sales drop 55%

Turnover registered by steel mill Laminorul Braila halved in the first six months of the year. Sales of steel products were worth 123 billion ROL (3,7 million dollars) in H1, down from the 273 billion ROL posted in the year-ago period. The 55% slump would have been even larger hadn’t Laminorul sold part of its stock of finite products. The company management blames the slump on the fluctuating domestic market prices and the rough competition on the international market. Operating revenues dropped 65%. The company’s accounting revenues stood at 11 billion ROL in the first half, as compared to 313 billion ROL in the year-ago period. The drop in production and sales generated losses worth 33.4 billion ROL ($1m), as compared to profit worth 10 billion ROL in H1, 2002. The company’s total H1 losses came to 41.2 billion ROL. ZF