Mittal and Mechel, over 160m-euro losses at Romanian steel complexes

The Roman, Hunedoara and Iasi complexes controlled by India's Lakshmi Mittal billionaire last year registered 88m-euro losses, while turnover generated by Russia's Mechel, which holds three of the ten largest steel plants in Romania (Mechel Targoviste and Mechel Campia Turzii, as well as Ductil Steel Buzau) posted a 74m-euro loss, according to the data included in Romania's business yearbook "Biggest players in the economy" to be published in late June. The ZF yearbook, including the ranking of the 10 biggest companies in the most important fields of business, centralises data from companies on 80 markets. Almost 7,000 people left the steel complexes last year. ArcelorMittal Galati, owned by the world's biggest steel producer, in 2009 saw its turnover slide by 55%, to around 800m euros, and slipped into the red. Most complexes on the domestic market, almost all of which owned by international groups, last year posted losses matching the profits they registered in 2008, as their turnovers plunged by 55% on average, one of the steepest declines of the entire economy. For 2010, most players expect business volumes to pick up and they halted layoffs and restructuring moves.