Polish steel mills show strong profits in H1 2004

Polish steel mills show strong profits in H1 2004

According to Poland's Metallurgical Chamber of Commerce and Industry (PMCCI), Polish steel mills in the first half of 2004 showed a gross profit that exceeded Zloty 1 billion ( $275 million) against last year's loss of Zloty 206 million ($56 million), while net profits amounted to ZL 900 million ($248 million). The President of PMCCI attributed the Polish steel sector's improved financial situation mainly to the global steel boom and the consistent reduction of steel mill costs. In comparison to the first half of 2003, Polish steel mills revenues increased by 50%, while production growth was 20%. Industry analysts indicate increased sales and rises in steel prices as the main factors in revenue growth.