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December 02, 2008


ArcelorMittal Ostrava 2007 profit down at CZK 8.227 billion

CTK reported that the largest Czech steelworks ArcelorMittal Ostrava made profit worth CZK 8.227 billion in 2007 a drop of CZK 1.4 billion year on year. Its revenues fell by CZK 6 billion on the year to CZK 53 billion last year.

Mr Jan Rafaj of ArcelorMittal Ostrava said that "In May last year, we separated out a plant for pipes production into an independent subsidiary. All the influences on the market, such as exchange rate changes and rate losses, also played a role.”

He added that "Our business year ends in February and we feel this more than other firms that close their accounting at year end.”

Mr Rafaj said that the financial year in the company lasted from March 2007 till February 2008.

ArcelorMittal Ostrava made a consolidated profit worth CZK 9.176 billion in the 2007-08 business year, while its consolidated revenues amounted to CZK 57.745 billion.