Steelmaker Corus posts historic profit

17th March 2005, Comments 0 comments

17 March 2005, AMSTERDAM — Anglo-Dutch steelmaker Corus proudly unveiled a GBP 446 million (EUR 647 million) profit for 2004 on Thursday, the first time it has ended in the black.

17 March 2005

AMSTERDAM — Anglo-Dutch steelmaker Corus proudly unveiled a GBP 446 million (EUR 647 million) profit for 2004 on Thursday, the first time it has ended in the black.

The result of a merger between British Steel and the Dutch Hoogovens in 1999, Corus reported a loss of EUR 438 million in 2003.

Turnover rose last year to about EUR 13.5 billion and its operational profits of EUR 901 million was a major improvement on the EUR 95 million operational loss in 2003.

Corus put its success down to strong steel prices and a major restructuring programme.

CEO Philippe Varin said the company was closing the gap on its European rivals, but he also issued a note of caution.

"Overall, we expect the first half trading environment to be broadly in line with the second half of last year. As the year progresses we see conditions as more uncertain," he said.

[Copyright Expatica News 2005]

Subject: Dutch news

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