The company’s revenue fell 64%, to RON186.1 million, from RON517.7 million in January-September 2011.
Costs were also down, but by a smaller percentage, of 54%. Overall expenditure reached RON268.2 million, from RON587.1 million in the first nine months of 2011.
Mechel Campia Turzii’s turnover dropped 2.7-fold in the analyzed period, to RON117.8 million. In the first nine months of 2011, turnover stood at RON480.5 million.
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’s managing board decided in September to take several restructuring measures to improve financial performance and one of the measures targets the sale of the five Romanian plants Mechel Targoviste, Mechel Campia Turzii, Laminorul Braila, Ductil Steel Otelu Rosu and Ductil Steel Buzau. The group also said in September the activity of the five plants held in Romania will continue as before, despite the group’s plan to sell them.
September 27, Mechel Campia Turzii traded at RON0.22 per share, up 4.7% on the day. (EUR1=RON4.5379)