August 25 (SeeNews) - The Macedonian unit of Luxembourg-based international steel producer ArcelorMittal said its net loss in the first half of the year narrowed significantly to 43.4 million denars ($795,600/704,500 euro) from 220.05 million denars a year ago.
The main reason for the improvement were lower operating costs, the company said on Wednesday in a statement published on the Macedonian stock exchange.
The company had 12% lower operating expenses, of 2.9 billion denars, while its operating revenues fell 10% to 2.6 billion denars.
ArchelorMittal Skopje's financial revenue in the review period jumped 25% to 19.8 million denars, whereas financial costs plunged to 125,000 denars from 800,000 previously.
ArcelorMittal Skopje produces cold-rolled coils and sheets, galvanized and pre-painted coils, mainly for the general industry segment on the regional market. In the SEE region the global steel producer is present through plants in Bosnia, Macedonia and Romania, and has offices in Bulgaria and Serbia.
($=54.5498 denars)