Mittal Steel Roman cuts losses

Mittal Steel Roman tube producer (formerly known as Ispat Petrotub) has reduced its losses to a level 90 times lower than in the preceding year. Preliminary financial results for the company show it to have concluded 2004 with a mere 0.3 million euros in losses, compared with 34.4 million euros in 2003. Sales went up 76.4%, while the company made a 126.6 million euro turnover. Company officials were unavailable for comment by the time of going to press. The improved company results came about thanks to an increase in activity, with the entire steel industry benefiting from a worldwide surge in demand due to the large appetite of Asian economies. Mittal Steel Romania had accumulated debts of 79.7 million euros and receivables of 14.3 million euros by the end of last year. It had more than 3,000 employees at the time. The company is part of Mittal Steel, the largest steel maker in the world, which was created by the worldwide merger of LNM Holdings and Ispat International. ZF