February 27 (SeeNews) - Macedonian steel mill Makstil's said its net profit for 2016 totalled 1 million denars ($17,200/16,250 euro), four time higher than in 2015.
The steel mill had flattish sale revenues of 3.7 billion denars in 2016, it said in a bourse filing published on Friday.
Makstil produced 239,084 tonnes thick sheet in 2016, which is 45% more than in 2015.
Steel slabs production increased 39% during 2016 to 169,113.3 tonnes, Makstil added.
Makstil said the global steel market trends, the international political and economic situation, as well as the prolonged political crisis in Macedonia affected negatively its operations. Other factors which had an adverse impact on Makstil's performance during the past year were the ban for import of scrap, energy and transport prices, as well as the country's poor infrastructure.
In 2016 Makstil fully reconstructed its Celicarnica plant in order to streamline the production process, increase energy efficiency and reduce harmful emissions in the air, it also said in its statement.
Makstil produces hot rolled heavy plates. Its major owner is Duferco Group, which is based in New York, USA, and Sao Paulo, Brazil. The group operates in steel production and distribution, trade of energy, shipping and logistics, and engineering.
(1 euro = 61.51 denars)