Polish Steel Mills reports surprise net profit for 2003

This surprised the firm, whose forecasts indicated that PHS would just break even. The positive net profit was positively affected by the bullish conditions of the steel market and by remitting debts. If the company postpones repairing its furnace in Huta Katowice at an estimated cost of zł.270 million, then it might post profits of zł.178 million on sales of zł.8.48 billion in 2004. Changing the date stems from a request from LNM Holdings, finalizing the take over of PHS, to cut repair costs which will now amount to zł.359.7 million this year compared with zł.507.9 million in 2003. (Puls Biznesu, pp. 1, 7) M.M.