The company posted losses for the third straight year, after RON155.2 million in 2009 and RON76.8 million in 2010.
Mechel Campia Turzii’s turnover grew 42% in 2011, to RON621.5 million (EUR146.6 million). In 2010, turnover increased 36%, from RON321.5 millioni n 2009.
Both revenues and expenses increased last year by almost a third, to RON678.9 million (EUR160.2 million) and RON786.2 million (EUR185.5 million), respectively, according to a report sent Thursday to the Bucharest Stock Exchange.
In 2010, the company reported revenues of RON513.1 million and expenses of RON589.9 million.
Almost 800 of the steel works’ 1,904 employees will be laid off starting in June.
The company is controlled by Russian group Mechel, which owns 86.56% of the stock. Shareholders include regional investment fund SIF Banat-Crisana (SIF1.RO), with 11.11%, and State Asset Privatization Authority (AVAS), with 1.02%.
Mechel entered the Romanian market in 2002 and locally it holds Mechel Campia Turzii (INSI.RO), Mechel Targoviste (COS.RO), Ductil Steel Otelu Rosu, Ductil Steel Buzau, Laminorul Braila and Mechel Reparatii Targoviste.
Mechel Campia Turzii traded at the end of March at RON0.76 per share. (EUR1=RON4.4078)