Stalexport's Q2 results tumble along with falling steel prices

The company put this down to the falling prices of steel products and the lack of turnover. The firms consolidated revenues amounted to zł.151.7 million, while a year ago they were double this figure. The company's H1 sales results dropped from zł.605.5 million in 2004 to zł.336.1 million this year. According to the concern's management board, one of the reasons for lower turnover was the deteriorating situation on the market, where the price of many steel products fell by as much as 50% due to low demand. The firm's results were also influenced by the fact that it sold its shares in two companies, Ferrostal Łabędy and Złomhuta, and lost control over Stalexport Wielkopolska. Stalexport still cannot find an investor, which would enable it to increase its capital and turnover. "We are in talks with various investors, but it is rather difficult to imagine a share issue in the nearest future. We might opt for a bond issue," said Emil Wąsacz, Stalexport's CEO. (Parkiet, p. 4) A.F.