Rautaruukki releases financial results

Rautaruukki releases financial results

Finnish integrated steelmaker Rautaruukki announced its net profit as €26 million for the third quarter of 2003 against a €19 million loss recorded in the same period last year. Rautaruuki's turnover in the January-September period was €2.2 million. Company's operating profit rose to €128 million in the first nine months of 2003 when compared to €11 million loss reported in the corresponding period of 2002. Rautaruukki Steel which is group's division, posted €144 million turnover for the first nine months against €4 million loss in same period last year. This result is attributed to the rise in product prices and lower raw material costs. In the first nine months, Fundia's loss decreased to €6 million from €19 million recorded in the same period last year. However, the other divisions like Metform, steel structure and steel service have experienced a drop in their operating profits. Metform's operating profit was €1 million while steel structure and steel service divisions' operating profits were €7 million and €3 million respectively. Turnover in 2003 is estimated to be about €2.95 billion. Company officials stated that the positive earnings trend is expected to continue.