Arcelor released its 2003 results

Thursday, 19 February 2004 17:05:55 (GMT+3)   |  
       

Arcelor released its 2003 results

According to a recent statement released from world's largest steel producer Arcelor, the company has posted improved results for fiscal year 2003. According to the report, net financial debt of the company decreased by €1.5 billion to €4.46 billion in 2003. Target of Arcelor was reducing the debt by €700 million. Net profit of the company is recorded as €257 million against the loss of €121 million recorded in 2002. Consolidated revenue of the company, decreased from €26.5 billion recorded in 2002 to €25.9 billion in 2003. However, earnings before interest, tax, depreciation and amortization (EBITDA) increased to €2.228 billion in 2003, from €1.978 billion recorded in 2002. The company posted its consolidated operating result as €738 million in 2003, against €780 million recorded in the previous year. On product base, Arcelor posted revenue of flat carbon steel sector as €13.9 billion in 2003, which increased by 5.8% when compared with €13.2 billion recorded in 2002. Operating profit amounted €774 million in 2003 against €216 million recorded in 2002. However, shipments of flat carbon steel decreased by 6% to 25.6 million tons. On the side of long products, revenue has reached €4.38 billion, with an increase of 2.9%. However, gross operating profit decreased by 20% to €493 million from €613 million recorded in 2002. Shipments of this sector increased by 2.4% to12.2 million tons. When figures recorded in stainless steels, alloys and specialty plates sector are examined, it is observed that the revenue has increased to €4.28 billion from €4.24 billion. However, gross operating profit shows a remarkable decrease, falling from €200 million recorded in 2002 to €23 million in 2003. Shipments of this sector have maintained its level of 2002, which was recorded as 2.4 million tons.

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