MRussians double CSR''s business

Combinatul Siderurgic Resita (Resita Steel Plant), held by the Russian TMK Group, one of the leading piping manufacturers of the world, posted 125% turnover growth for the first nine months of the year, compared with the same time in 2004. CSR”s sales amounted to 63 million euros (228 million RON) in the first three quarters, chiefly because of the increase in deliveries to Artrom Slatina and Mittal Steel Iasi, the main clients of the plant. Under the circumstances, CSR posted a net profit of 0.72 million euros (2.6 million RON), against losses that stood at 9.6 million euros in the first nine months of 2004. The representatives of the company could not be reached to provide more information on the results. The Russian TMK Group controls CSR through German Sinara Handel, which owns 75.77% in the steel producer. TMK took over the 74% majority stake in the plant in February 2004 when it paid the symbolic amount of 1 euro, in a transaction in which the seller was the State Assets Resolution Authority. ZF