Nova Hut saw a loss for 1Q 2001
Article Abstract:
Nova hut (NH) (Ostrava, Czech Republic), metallurgy firm, saw a net profit of CEK 46.32 mil in 2000, according to preliminary results. In 1999 the firm saw a loss of CEK 4.6 bil. NH generated a loss of CEK 128.5 mil for 1Q 2001. Reasons for the loss were the growth of long-term credit interest, the influences of exchange-rate changes and a delay of the commissioning of the firm's mini-mill. The company should be acquired by a new owner by the end of 2001. The owner should complete the restructuring of the insolvent company. NH's strategical partner will acquire over a 67% stake in the firm including a 49% stake from the National Property Fund and more than a 18% stake from Credit Suisse First Boston. It is said that Ispat International, Duferco and Shiran are interested in the privatization of the firm.
Publication Name: Mlada Fronta Dnes
Subject: Business
ISSN: 1210-1168
Year: 2001
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Nova Hut saw a loss in 2000 again
Article Abstract:
Nova hut (NH) (Ostrava, Czech Republic), metallurgy firm, saw a loss of CEK 1.3 bil in 2000. The main reason was a lack of operating capital. The firm had to face troubles with the redemption of credits and the commissioning of its mini-mill. The mini-mill was to start the commercial production of rolled steel in Nov 2000 but it is still under pilot operation. The company is burdened with a high credit burden. NH decreased the volume of its outer sources by CEK 1.8 bil in 2000 compared to 1999.
Publication Name: Mlada Fronta Dnes
Subject: Business
ISSN: 1210-1168
Year: 2001
User Contributions:
Comment about this article or add new information about this topic:
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