Pilsen Steel Concludes US$55,6 Million in Contracts
OREANDA-NEWS. August 22, 2007. MOSCOW - OMZ (Uralmash-Izhora Group) (RTS: OMZZ; LSE: OMZD; OTC: UHMVY), announced that its Pilsen Steel subsidiary, formed by the merger of former parts of Skoda Steel - SKODA Kovarny, Plzen, s.r.o. and SKODA HUTE, Plzen, s.r.o., in April 2007, has concluded contracts with Russian and foreign customers valued at more than US$55,6 million, reported the press-centre of OMZ.
The Czech assets were acquired by OMZ in 2004. Within the most recent two years, Pilsen Steel (previously Skoda Steel) has shown stable and positive development trends. It has demonstrated the success of the company’s reorganization and increased the attractiveness of the asset for outside investors. OMZ has received a number of investment proposals from various potential purchasers. The Board of the Directors will be considering various strategies with regard to the future of Pilsen Steel.
Pilsen Steel specializes in the production of forged blanks of 1 to 80 tons. It is a world leader in the production of forged shafts for wind-powered electricity plants and the second biggest supplier of crankshafts for four stroke diesel engines. Another type of Pilsen Steel product is represented by rotors and propeller shafts. The company also supplies to the global market casting products of up to 200 tons, including casting products for steam and gas turbines, engine units, housings for rolling mills and processing machines, and also casting products for the shipbuilding industry.
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