Mechel Campia Turzii, a Romania-based subsidiary of Russian mining and steel producing group Mechel, has reduced its losses in the first quarter of this year by 33.7 percent year on year to RON 18.32 million (about $ 5.4 million), while its revenues increased by 59.5 percent year on year to RON 98.44 million (about $29.1 million), reads the company's quarterly report as submitted to the Bucharest Stock Exchange.
Accordingly, in Q1 2010, Mechel Campia Turzii's expenditure increased by 30.4 percent to RON 116.76 million (about $34.5 million), its turnover rose by 33.5 percent to RON 83.42 million (about $24.7 million), and its short-term investments went up by 58.7 percent to RON 52.47 million (about $15.5 million), all compared to the same period last year.
$1 = RON 3.38