Czech Republic-based steelmaker Liberty Ostrava, formerly ArcelorMittal Ostrava, has for 2018 announced a net profit of CZK 4.1 billion ($176.7 million), up 30 percent or CZK 946 million ($40.77 million) year on year. The company’s operating profit amounted to CZK 726 million ($31.26 million) in 2018, compared to the operating loss of CZK 2.6 billion in 2017, due to the increase in production and higher margins driven by the positive outlook in the steel market in the first half of the year.
Liberty Ostrava produced 2.2 million mt of crude steel in 2018, up 22 percent compared to the previous year, and 1.9 million mt of pig iron.
The company has announced that, due to an increase in raw material costs and the negative market situation, it will reduce production by 20 percent.