10 March 2005 -

Report Summary

Turkey's flat steel producer, Eregli announced US$ 591 mn net profit in 2004, in its inflation adjusted consolidated CMB financials. Eregli continued to perform well both in operating and non-operating side and maintained strong margins it had throughout the year. The result is in line with our expectations. Net profit figure rose by an impressive 119% compared to 2003 net profit of US$ 270 mn.

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