Polish PHS posts PLN 840'000 net profit

Polish PHS posts PLN 840’000 net profit

According to the statistics released from Polish steel producer PHS (Polskie Huty Stali), the company has posted PLN (Polish Zloty) 840'000 ($208'706) net profit in September and reported a loss of PLN 1.6 million ($397 million) in the first nine months of 2003. The company has recently been taken over by LNM, as reported by SteelOrbis. LNM is expected to spend PLN 7.7 billion ($1.91 billion) on PHS. Revenues of PHS has reached to PLN 631 million ($156.7 million). With this rate, total revenues of nine-months amount to PLN 5.5 billion ($1.36 billion). PHS is a group company that constiutes from four steel producers. The group produces over 6 million tons of steel per annum, with its operations; Huta Katowice (HK), Huta Sendzimir (HTS), Florian and Cedler.