Ovako May-Dec net profit at EUR 39 mln

Newswire

HELSINKI, Jan 24 (Reuters) - Steelmaker Ovako made a net profit of 39 million euros ($47.88 million) during its first eight months of operation, the Finnish-Swedish owned company said on Tuesday. Ovako, created on May 1 through the merger of the long-steel units of Rautaruukki , Wartsila and SKF , said demand had been strong at the start of 2005 but weakened in the second half due to rising inventories. "Some increase in demand is expected during 2006," Ovako said in a statement. The ...

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