Higher revenues in 2007 for ArcelorMittal Galati

ArcelorMittal Galati had revenues of €3.46 billion in 2007, double year-on-year. “We had a very good year diversifying production, which means that we had more products,” according to Augustine Kochuparampil, CEO of Arcelor Mittal Galati. He did not provide further information about the financial balance of the power plant.

“Stock market rules do not allow us to provide the exact figures but rather only general data. When we will have information for the entire group, we will offer the figures,” Kochuparampil added.

According to company data, ArcelorMittal Galati had a profit of RON 167 million in 2006. Its profit in the first six months of 2007 was €30 mln, while other power plants in Romania had turnover exceeding €1.5 bln.

In October, the company announced it will invest over €140 mln in three years to expand its production volume of thick iron plates. Total investment value was €315 mln by the end of 2006.

Investments in 2007 exceeded €75 mln and ArcelorMittal Galati has an investment budget of €81 mln for two projects in 2008, one to double production and another to protect the environment by modernizing its chemical plant.

The company owns power plants in Galati, Iasi, Roman and Hunedoara and the Romportnet Galati port operator.