Riva expects to announce profit in 2004
Italian steelmaker Riva expects to report profit next year on the condition that European steel industry maintains its upward trend. Also, company aims to break even figures in 2003 after the loss reported in 2002.
Riva has provided an advantage from a rise in global steel prices. However, the import tariffs that were implemented by US last year, has negatively impacted the company.
Riva has posted a net loss of €185 million in 2002. This figure is in relation with low prices and weak demand. Furthermore, company has to close its coke plant in
Italy due to technical problems.
Riva expects the US to reduce import tariffs which damage the steel industry. On the other hand, Riva keeps its steel prices high due to strong steel demand from
China.