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May 22, 2018 12:00 am | FILED UNDER: business

Vitkovice Steel Earnings Up 12.6% in 2017

By ČTK Vítkovice Heavy Machinery

Ostrava, North Moravia, May 22 (CTK) – Czech steelworks Vitkovice Steel raised its EBITDA (earnings before interest, taxes, depreciation and amortisation) annually by 12.6 percent to Kc421m in 2017, company head and board chairman Dmitrij Scuka told journalists today.

 

Net profit of Vitkovice Steel reached Kc191m last year.

 

The results show that the company has stabilised, Scuka said.

 

Shutting down its loss-making steel plant in 2015 helped the company, he said.

 

The company stopped producing its own steel, and in 2016, it finished its transition to getting slab supplies from contractors.

 

In 2016, Vitkovice Steel made a loss of nearly Kc730m, with the amount exceeding Kc2bn in 2015, according to its annual report.

 

Vitkovice Steel reports a growing sales volume of all its products. Last year, it sold 401,000 tonnes of plates and cut shapes, up from 328,000 annually, and 146,000 tonnes of sheet piles, up from 136,000.

 

Over the past three years, Vitkovice Steel invested Kc720m.

 

In 2018-2020, the company plans to invest some Kc710m, Scuka said.

 

Vitkovice Steel is a leading European maker of rolled steel products and the Czech Republic’s number one in steel plates.

 

Vitkovice Steel belongs to a group of private investors behind companies based in Cyprus, buying Vitkovice Steel from Russian steel and mining group Evraz Group three years ago.

 

Vitkovice Steel has some 940 employees.

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