The business of ArcelorMittal Galati steel plant, controlled byIndian billionaire Lakshmi Mittal fell by 58% last year to some 800million euros, from 1.94 billion euros the year before, as a resultof the drop in both demand on the market, as well as prices forthick sheet metal, the main product of the plant, company officialssay.
The plant slipped into the red, after having concluded theprevious year with 164 million euros in net profit. The company'smanagement did not reveal the value of the losses.
ArcelorMittal Galati representatives, however, estimate thatproduction will increase this year by more than 30% compared withlast year's low, 1.7 million tonnes of liquid steel, because of therise in demand from Turkey and domestic market, driven by the salesof Dacia.
"The rise in demand from Turkey is strong. In Romania demand hasalso rebounded but at a slower pace. Many of our clients who hadtrouble meeting payments last year have solved part of theseproblems in 2010. Even with this rebound in demand lately we'restill working a 35-40% below the 2008 level," said Thierry Le Gal,general manager of ArcelorMittal Galati, who also runs the regionaloperations of the group, which also includes Turkey and Macedonia.
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