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Mittal shuts rolling mill in Roman because of losses

Pipeline manufacturer ArcelorMittal Tubular Products Roman (PTRO), held by iron&steel giant ArcelorMittal owned by billionaire Laksmi Mittal halted the activity at rolling mill no 6 for a three-month period, starting Wednesday, July 1, daily Ziarul financiar reports.

The measure was approved by the Administration Council in line with the provisions of the company's articles of incorporation and of the law on commercial companies, reads a report of the company sent to the Bucharest Stock Exchange (BVB) without unveiling, however, the reasons of the decision.

The Roman-based plant (north-east of Bucharest) ended the first three months with losses worth 116.2 million lei (27.5 million euros) after having reported in 2008 record high losses worth some 50 million euros.

The plant's financial situation has worsened a lot over the past years, although the business maintained at a constant level. The company had overall debts worth 675 million lei (168 million euros) at the end of last year and own capitals of 75 million lei.

The main minority shareholder is SIF Moldova with a 14-percent stake.

 

Sursa: http://www.agerpres.ro/

Tags: million roman losses sif bvb

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