Mittal Steel Iasi''s losses deepen

Cast iron and steel piping manufacturer Mittal Steel Iasi has concluded the first six months of the year with losses of 8.88 million euros (32.5 million RON), against turnover of 35.6 million euros (130 million RON), 14.6% down on the same time last year. The company posted around half a million euros in profits midway through 2004. Mittal incurred significant personnel expenses during this period of 6.35 million euros (23.3 million RON), primarily because of its programme to adjust the number of employees to the demands of the company. The piping maker was also not helped by the international market. Demand has been lower this year due to dealers building large stocks at the end of 2004 amid a general rise in prices. Mittal Steel Iasi posted losses of 0.3 million euros at the end of 2004, against turnover of 82.6 million euros. Nine months into last year, Mittal Steel Iasi had managed to step into the black, posting 0.1 million euros in net profit against 58.2 million euros in turnover. ZF