Mechel Campia Turzii Plans Swing To RON12.2M Profit In 2011

05.02.2011 By Andrei Circhelan

Romanian smelter Mechel Campia Turzii (INSI.RO) estimates to swing to a net profit of 12.2 million lei (some EUR3 million) this year, from a loss of RON76.8 million in 2010, the company said Monday in a statement.

Revenue is seen at RON672.9 million, while overall costs are set to reach RON616.7 million, according to the company's revenue and expenditure budget for 2011.

Mechel Campia Turzii is 86.5% owned by Russian group Mechel, through Mechel International Holdings. Other shareholders include regional investment fund SIF Banat-Crisana (SIF1.RO), with 11.1% and privatization authority AVAS with 1%.

Company shares were last traded on April 20, on the Rasdaq market of the Bucharest Stock Exchange, at RON0.95, down 9.5% on the day. (EUR1=RON4.086)