On January 19 Finnish steelmaker Rautaruukki (Ruukki) announced its preliminary results for 2008.
In 2008, the company's comparable net sales rose by three percent year on year to €3,826 million ($5,081 million), compared to comparable net sales of €3,725 million ($4,947 million) in 2007.
The company's comparable operating profit (excluding non-recurring items) for 2008 decreased by 7.8 percent year on year to €583 million ($775.6 million), compared to its comparable operating profit of €637 million ($845.7 million) in 2007.
"Demand for and deliveries of steel products declined in December more than anticipated. One of the two blast furnaces at Ruukki's Raahe Works in
Finland was shut down at the beginning of December and
production at other plants was adjusted in line with demand. However, it has not yet proved possible to adjust steel
production costs accordingly and this considerably weakened earnings in December," said the company in a statement, adding it also would take a one-time restructuring charge of around €11 million ($14.59 million) in the fourth quarter of 2008.