Tepro posts profit, revenues shrink

Pipe producer Mittal Steel Iasi (Tepro), a part of the portfolio of the Mittal Steel group, posted a net profit worth 0.12 million euros (0.42 million RON) in the first quarter, as compared with losses worth 1.56 million euros in the first three months of 2005. However, company sales shrank by almost 40% to 14.4 million euros (51.3 million RON). Tepro posted losses worth 12.2 million euros last year, while its turnover stood at almost 66 million euros. Tepro conducted an extensive restructuring programme last year, making about 560 people redundant. At the end of 2005, the company had 863 employees. ZF