Vitkovice Steel boosts profit

Vitkovice Steel boosts profit

99% state-owned Czech steel producer Vitkovice Steel (VS) joined steel producers around the globe in reporting record breaking profits. The company announced preliminary profits of CZK 1.6 billion ($69.4 million) from sales of CZK 13.5 billion ($586 million) in 2004. The 2004 profit indicates an 11.8% increase over 2003. Revenues from sales of its own products increased 49% compared to that from 2003. SteelOrbis reported yesterday that 19 companies, including financial investors and foreign strategic bidders, showed interest in the privatization of VS.