Corus posted preliminary year end results
Anglo-Dutch steel maker Corus has recently posted 2003 fiscal results, ending on January 3, 2004.
The company reported a turnover of £7.95 billion ($14.4 billion) in 2003 against 2002's turnover of £7.19 billion ($13.2 billion). This 11% increase in turnover is attributed to higher sales volumes and selling prices. Moreover, the operating loss of the company in 2003 is halved to £208 million ($381 million) from £446 million ($817 million) recorded in 2002. Pre-tax loss fell from £404 million ($740 million) to £255 million ($467 million). The company also reduced its debt by £223 million ($408 million) to £1.013 billion ($1.855 billion). Loss for the year is recorded as £305 million ($558 million) against £458 million (838 million$) recorded in 2002.
These improved results are stated to be related with carbon steel segment of the company, which also includes rail plant in Moss Bay. Moreover,
manufacturing performance and cost efficiency of the company, offsetting rising input prices also contributed to the results. An official from Corus stated that the company benefited from global recovery of steel prices in 2003.