After three quarters, Huta Ferrum steelworks is to present satisfactory results, says Jan Waszczak, the company's president. However, the company suffers from a lack of operating capital.
At the end of February, Ferrum signed an agreement with Prochem-Megagaz consortium for the supply of pipes for the construction of the third line of the Przyjazn (friendship) gas pipeline. It is to be completed in the third quarter of 2005.
Huta Ferrum's 2003 revenue amounted to ZL120.5m. The company has signed a factoring contract with ING Bank Slaski for the purchase of liabilities resulting from the contract's realisation.
The value of the contract is four times that of the steelworks' capital, which amounted to ZL44m in February. According to Parkiet daily, the total is over ZL180m.
Source: Polish News Bulletin
