The Chusovsk metallurgic plant has increased a net loss for the year by 26% to 1.5 billion rubles

For 2011 the Chusovsk metallurgic plant (CMP) has increased its net loss by 26% to 1.59 billion rubles. Looking back, in 2010 and 2009 the net loss exceeded 1.2 billion rubles and 2 billion rubles respectively. The plant finished 2008 with the net profit in the amount of 484 million rubles. In the reporting year the plant made the net losses every quarter and for the last quarter the loss exceeded 1 billion rubles.

The proceeds for the year were increased by 15% to 6.779 billion rubles. The sales profit, as it had been last year, was negative. The proceeds for the 4th quarter made up 1.79 billion rubles (the raise is 5% against to the previous quarter)

In the reporting year the plant’s proceeds were distributed in the following ways: 89.9% - Russia, 7% - the CIS countries, 3.2% - the foreing countries. The plant’s sale of the production to the foreing countries made up 5.7% in 2010. The Chusovsk metallurgic plant’s production is being exported to Finland, Italy, Spain, Czech Republic, Germany, China, South Korea, the USA.

As of end of 2011, 95.92% of the CMP’s shares belong to the Metallurgic investment bank. On November 9, 2011 the Management of the Chusovsk metallurgic plant published the proposal of the Metallurgic investment company about the purchase of the CMP’s stocks that was received to the plant.

The Chusovsk metallurgic plant is the single Russian enterprise with the complete cycle of the ferrovanadium production. The feature of the CMP is the use of the vanadium titanomagnetite iron ore raw materials. The plant includes blast-furnace, steelmaking, ferroalloy, milling and spring production, produces the metal products of high quality: rolled steel, special shapes for car industry, machine building, shipbuilding and other sectors, vanadium iron, refined iron and spring production.

http://rosinvest.com/novosti/914799

Translated by Svetlana Kyrzhaly