Russians turn a profit in Resita

Combinatul Siderurgic Resita (Resita Steel Plant), which is currently owned by Russian company TMK, made 18.21 million euros (675.5bn ROL) in turnover in the first three months of the year, three times more than last year, resulting in profits of 115,000 euros (4.25bn ROL), compared with a loss of nearly 4 million euros in the same period of 2004. The company announced increased volumes of finished product sales and industrial services, with output having grown by 101% from 27,560 tonnes of ferrous metal in 2004 to 55,405 tonnes in the first quarter of this year. The main products produced by the company are billet pipes, which account for 59.68% of total output. The company”s main clients include Artrom and Mittal Steel Roman. CSR posted full-year losses of 7.83 million euros (317.3bn ROL) in 2004 from a turnover of nearly 45 million euros, more than 80% up on 2003. ZF