Mittal Steel Roman posts 6m-euro profit

Piping manufacturer Mittal Steel Roman (formerly Petrotub), a part of the international group Mittal Steel – the leading steel producer in the world, saw a net profit worth 5.9 million euros (21 million RON) in the first quarter of this year, 37% more than the same period of last year. The company”s turnover increased by 52% against the first three months of 2005, topping 72 million euros (257 million RON). Mittal Steel exports some 85% of its output. Last year, the company posted a turnover worth 214 million euros (775 million RON), 70% more in comparison to 2004. This increase in sales led to the company making a profit, after three years of losses. The net profit seen in 2005, worth 7.8 million euros (28.3 million RON) was redistributed to cover the accounting losses from the previous years. All piping manufacturers witnessed a significant increase in business because the demand for ducts saw a sharp rise last year, pushed by the increase in the price of petroleum and gas, as well as by the development of the construction and infrastructure industry. ZF