Macedonian steel mill Makstil says heavy plates output up 35% in 2014

Makstil, facing a multi-year drop in demand, also produced 187,991 tonnes of continuous cast slabs, which is 6.4% above plan, it said in a filing with the Macedonian Stock Exchange.

The steel mill, due to publish its financial figures for 2014 in February, said that financial interventions by its shareholders to cover increased costs incurred in 2014 totalled 5.2 million euro and cumulatively amount to 46.5 million euro since 2008.

The biggest shareholder in Makstil is Duferco Skop Investment Ltd with a 62% stake, followed by Cyprus-registered Minyork Overseas Ltd, which holds a stake of 19%. Both are part of the international Duferco Group.

Makstil operates two units of communist-era giant Zelezara Skopje, the hot rolling mill and the steelworks.

At the end of October, the company halted the operation of its steelworks unit due to the installation of a 10 million euro new filtration equipment aimed at meeting EU environmental protection standards.

Makstil's net profit fell 23% to 2.4 million denars ($48,000/39,000 euro) in the first nine months of 2014.

(1 euro = 61.4913 Macedonian denars)