Ispat Petrotub raises revenues by 10%

Roman-based company Ispat Petrotub SA reported almost 10% higher turnover in the first six months of this year, from 42.5 million euros in the first half of 2003, to 46.7 million euros. Losses registered by the steel tube producer shrank 27%, reaching 3.72 million euros after the first six months of 2004. By comparison, Ispat Petrotub had losses standing at 5.06 million euros in the first half of 2003. Higher results are, according to the company’s representatives, due to the acceleration of the company’s activities. The main shareholder of Ispat Petrotub is LNM Holdings NV, owning 69.768% of stock shares. SIF Moldova holds 17.406% of the stock, the rest belonging to other shareholders. Petrotub’s share capital amounts to 361.1 billion ROL, divided into shares with a nominal value of 25,000 ROL/share. Ispat Petrotub stock is listed on the Rasdaq electronic stock exchange. LNM is the world’s second largest producer of steel, holding production units in 12 countries. For year 2004, the group projects deliveries of over 42 million tonnes and sales above 15 billion dollars. ZF