March 16 (SeeNews) - The Macedonian unit of Luxembourg-based international steel producer ArcelorMittal said its net loss narrowed to 152.4 million denars ($2.7 million/2.5 milllion euro) in 2016 from 621.4 million denars in the previous year.
Lower operating costs were the main reason for the improvement, according to figures from the company's 2016 financial statement filed with the Skopje bourse on Wednesday.
In 2016, the company's operating expenses decreased 6% to 6.19 billion denars, while its operating revenues fell 2% to 5.9 billion denars.
ArcelorMittal Skopje's financial revenue declined 29% to 32.7 million denars last year, while financial expenses grew to 2.4 million denars from 1.3 million denars in 2015.
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.
(1 euro = 61.46 denars)