AvestaPolarit Interim Report for January to March 2002; Profitability Markedly Improved (with link)


STOCKHOLM, Sweden, April 26, 2002 (PRIMEZONE) -- AvestaPolarit:


 - The market conditions for stainless steel improved slightly
   from the last quarter of 2001. Stainless steel base prices and
   conversion margins improved compared to those reported for the
   corresponding period in 2001.

 - Net sales for the first quarter declined 7% from the
   corresponding period last year as a result of a fall in transaction
   prices and amounted to EUR 769 million.

 - The operating profit for January to March totaled EUR 75
   million, more than twice that reported for the same period last
   year. The rise in profitability resulted from increased deliveries
   and improved conversion margins supported by efficiency gains and
   synergy benefits.

 - Although net interest-bearing debt increased, the Group's
   financial position remained strong.

 - Investment programmes, post-merger integration work and
   initiatives to enhance internal efficiency are proceeding well and
   to plan.

 - The outlook for the second quarter is positive, but the market
   development for the second half of the year still remains
   uncertain.

 Key figures                                      Pro forma    Actual
                                         Jan-Mar    Jan-Mar   Jan-Mar
 EUR million                                2002       2001      2001
 Net sales                                   769        830       704
 Operating profit                             75         34        32
 Profit before extraordinary items            72         32        30
 Profit for the financial period              59         23        23
 Earnings per share, EUR                    0.17       0.07      0.08
 Return on capital employed, %              14.0        7.2       9.8
 Net interest-bearing debt at period end     537        219       219
 Debt-to-equity ratio (gearing), %          41.7       18.6      18.6

All comparables for 2001 in this text are pro forma figures including Avesta Sheffield for the full periods stated. In actual figures, Avesta Sheffield has been consolidated into AvestaPolarit as from 23 January 2001.

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The following files are available for download:


 www.waymaker.net/bitonline/2002/04/26/20020426BIT00660/wkr0001.doc
 The Full Report

 www.waymaker.net/bitonline/2002/04/26/20020426BIT00660/wkr0002.pdf
 The Full Report


            

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