TMK expecting business worth €286.5 mln in Romania

TMK-Artrom posted a net profit of €5.92 mln for 2007, three times lower than in 2006. The Slatina plant initially budgeted a net profit worth €10 mln. TMK-Resita’s profit was €8.1 mln, double year-on-year.

“The performance registered by the Romanian factories highlights the efficiency of the strategic investment program, which is intended to help us consolidate our global position on the steel pipe market, increase the efficiency of the production process and quality of products,” according to a communique by TMK’s Executive Director, Konstantin Semerikov.

Last year, TMK-Artrom delivered 155,800 tons of pipes, 61 percent higher than in 2006, while TMK-Resita sold 314,200 tons, up 21 percent. TMK finalized its acquisition of TMK-Resita in 2007, with the Authority for State Assets Recovery (AVAS) confirming that the Russian group had fulfilled all post-privatization conditions, including the investment of €30.5 mln for modernization and environment. The company’s investments last year amounted to some €15 mln.

TMK-Artrom’s shares are listed on the Bucharest Stock Exchange. The company’s capitalization is worth some RON 391.35 mln (€107.4 mln). TMK-Resita has stock exchange capitalization worth RON 420.5 mln (€115.4 mln).