Rautaruukki posts decline in profit

Finnish steelmaker Rautaruukki said its first-quarter profit fell 47 percent mainly due to the seasonal slowdown in construction activity. Net income declined to Euro 77 million in the first quarter from Euro 145 million a year ago. Sales fell 16 percent to Euro 856 million. Rautaruukki President and CEO Sakari Tamminen said “There was a seasonal slowdown in construction activity in the first quarter, but the construction activities are getting on track as the summer approaches. The group's full-year net sales in 2006 are expected to be higher than comparable net sales in 2005”.