Enakievka Steel Revenues Up 14% In 2006
26 February 2008
According to Vice-President of the Ukrainian Ferrous Metals Association, Sergiy Grishenko, Enakievo Steel (ENMZ) increased revenues by 14% to USD 702 mln in 2006, an increase of 14% yoy. The company’s profit before tax saw a turnaround last year amounting to USD 26 mln as opposed to a USD 12 mln loss in 2005. Andriy Gostik: ENMZ’s reported sales surpassed our projections for 2006 by 10.5% whereas PBT was 39% higher than our expectations. We ascribe such an improvement to the efforts of Metinvest, who controls ENMZ, to make the company’s business more transparent and stay away from transfer pricing ENMZ practiced in the past selling pig iron to its related company Metalen.
