Rautaruukki Corporation's Interim Report for January-June 2009:
Clearly negative result in exception
Rautaruukki Corporation's Interim Report for January-June 2009: Clearly negative result in exceptionally poor market conditions, positive cash flow from operating activities
(Thomson Reuters ONE) - Rautaruukki Corporation Interim report 17 July 2009 at 9amSummary of first-half results for 2009 (reference period January-June2008)- Consolidated net sales decreased to EUR 944 million (2,008)- Consolidated reported negative operating profit was -EUR 230million and operating profit excluding non-recurring items was -EUR225 million (309 reported and 314 comparable)- Result before taxes -EUR 249 million (308)- Gearing ratio was 22.9 per cent (5.8)- Cash flow from operating activities was EUR 82 million (289)- Return on capital employed (rolling 12 months) was 1.9 per cent(28.6)- Earnings per share were -EUR 1.33 (1.65)- Based on efficiency improvement actions and adjustment measuresunder way, lower costs of raw materials used in steel production andimproved cost efficiency in steel production, the company estimatesthere will be a marked improvement in the result before taxes for thesecond half of the year compared to the first half, but might remainslightly negative.KEY FIGURES Q1-Q2/09 Q1-Q2/08 Q2/09 Q2/08 2008Net sales, EUR m 944 2 008 438 1 069 3 851Operating profit, EUR m -230 309 -117 166 568Operating profit, excludingnon-recurring items, EUR m -225 -112 584Operating profit as % of netsales -24.3 15.4 -26.7 15.5 14.7Operating profit as % of netsales, excluding non-recurringitems -23.8 -25.6 15.3Result before taxes, EUR m -249 308 -127 167 548Earnings per share, EUR -1.33 1.65 -0.68 0.89 2.93Return on capital employed(rolling 12 mths), % 1.9 28.6 25.6Gearing ratio, % 22.9 5.8 7.9Personnel, average 13 165 14 986 12 870 15 327 14 953First half of 2009 in brief:- Caution in investment decisions and poor functioning of thefinancial markets continued to be reflected in sales of constructionproducts and solutions in particular.- In the engineering business, delivery volumes to equipmentmanufacturers in the energy industry remained at a good level.However, high stock levels throughout the supply chain weakeneddemand especially from equipment manufacturers in the lifting,handling and transportation industry.- Poor demand for steel products continued and prices of steelproducts were low. The fall in prices started to level off towardsthe end of the report period. The operation of steel production at alow capacity utilisation rate weakened financial performanceconsiderably.- The weakening of a number of sales currencies against the eurodecreased consolidated net sales.- Cash flow from operating activities was positive and the company'sfinancial position remained strong.- Cost savings through operational efficiency improvement actions andadjustment measures are expected to impact in full during the secondhalf of the year.President & CEO Sakari Tamminen:"Exceptionally weak market conditions in countries where Ruukkioperates continued into the second quarter and it is still difficultto predict market development. In many of our customer industries,de-stocking has taken longer than expected. This in turn has led tolower delivery volumes than we expected for the second quarter.Within construction, demand was especially slow in commercial andindustrial construction.Weak earnings performance was mainly attributable to lower salesvolumes and the low steel production capacity utilisation rate. Thelow capacity utilisation rate in steel production had a negative costimpact of around EUR 160 million. Profitability was additionallyburdened by lower selling prices. We started up the idle blastfurnace at the Raahe Works in May, but this still did not yetsignificantly reduce the cost per unit of steel produced during thesecond quarter.We have adjusted our operations corporate-wide because of weak marketconditions. In addition, we continued with our operational excellenceprogramme Boost, which we initiated last year to further improveoperational efficiency. Cost savings from the Boost programme andadjustment measures are expected to be in the region of EUR 80million for the current year. The impact on costs will be seen infull during the second half of the year.Within our operations the engineering business succeeded best inadjusting to rapidly weakened market conditions. Whereas, it hasproved to be very difficult to adjust our steel business to such asharp decline.The cost-efficient manufacturing network of our engineering business,together with our presence in Poland, Hungary and China, provides uswith promising potential to deliver competitive products and servicesto our customers. In construction, we still see good potential withininfrastructure construction. However, for commercial and industrialconstruction to pick up, customers' willingness to invest needs to berestored. A strong need still exists for new and renovationconstruction in all countries in Eastern Europe.There are signs that the market will pick up towards the end of theyear in some of our customer segments as a result of falling stocklevels. Based on efficiency improvement actions and adjustmentmeasures under way, lower costs of raw materials used in steelproduction and improved cost efficiency in steel production, thecompany estimates there will be a marked improvement in the resultbefore taxes for the second half of the year compared to the firsthalf, but might remain slightly negative."For further information, please contact:Sakari Tamminen, President & CEO, tel. +358 20 592 9075Mikko Hietanen, CFO, tel. +358 20 592 9030Press conferenceA press conference, in Finnish, for analysts and the media will beheld on Friday 17 July at 10.30am at Ruukki, Suolakivenkatu 1, 00810Helsinki.The English webcast and conference call for investors and analystswill begin at 2pm Finnish time and can be viewed live on thecompany's website at www.ruukki.com/investors. A replay of thewebcast can be viewed on the same site from about 6pm Finnish time.To attend the conference call, please call the following number 5-10minutes before the conference begins: +44 (0)20 7162 0025, password:RautaruukkiA recording of the conference call can be heard until 22 July 2009 atthe following number:+44 (0)20 7031 4064, access code: 839386Rautaruukki CorporationAnne PiriläSVP, Corporate Communications and Investor RelationsRautaruukki supplies metal-based components, systems and integratedsystems to the construction and engineering industries. The companyhas a wide selection of metal products and services. Rautaruukki hasoperations in 26 countries and employs 13,000 people. Net sales in2008 totalled EUR 3.9 billion. The company's share is quoted onNASDAQ OMX Helsinki (Rautaruukki Oyj: RTRKS). The Corporation usesthe marketing name Ruukki. www.ruukki.comDISTRIBUTION:NASDAQ OMX HelsinkiMain mediawww.ruukki.comRAUTARUUKKI CORPORATION'S INTERIM REPORT FOR JANUARY-JUNE 2009Business environmentExceptionally weak global economic development continued during thesecond quarter and there was a marked fall in gross domestic productin a number of countries in which Ruukki has operations. Likewise,there was a sharp decline in world trade and industrial productionduring the report period. However, the first signs of economicdevelopment levelling off were seen towards the end of the reportperiod.Growing market uncertainty and caution in investment and financingdecisions still continued during the second quarter. On the one hand,an appreciable weakening against the euro of many currencies inEastern Europe and the Nordic countries has eroded competitiveness inthe eurozone but, on the other hand, has increased the interest ofactors in the eurozone in local production in Central Eastern Europeand Russia.Seasonal growth in demand within construction during the secondquarter was below that of previous years. Seasonal demand forresidential roofing products grew more than that for commercial andindustrial construction products. Tight financial markets and cautionin customer decision-making impacted on the demand for commercial andindustrial construction solutions and products in particular.In the engineering industry, deliveries to equipment manufacturers inthe energy industry during the first half of the year continued atthe good level experienced during the previous year. However, highstock levels throughout the supply chain weakened demand especiallyin the lifting, handling and transportation equipment industry.Delivery volumes from steel companies remained much lower thanend-customer demand also during the second quarter. In the steelindustry, de-stocking has taken longer than expected and this in turnhas had a marked impact on delivery volumes. The global capacityutilisation rate in the steel industry remained unprecedentedly lowthroughout the report period.Prices of steel products fell sharply during the first half of theyear. The first international agreements on the prices of the mainraw materials - coal and iron ore - used in steel production weresigned during the spring and early summer. These agreements to someextent levelled off the falling prices of steel products asuncertainty about raw material costs gradually faded. Lower stocklevels also partly supported price development.Net sales for January-JuneUnless otherwise stated, the comparable figures in brackets refer tothe same period a year earlier.Consolidated net sales for January-June 2009 were EUR 944 million(EUR 2,008 million reported and EUR 1,985 million comparable).The solutions businesses - Ruukki Construction and Ruukki Engineering- accounted for 51 per cent (45) of consolidated net sales during thereport period. Finland accounted for 32 per cent (32) of consolidatednet sales, the other Nordic countries for 33 per cent (33) andCentral Eastern Europe, Russia and Ukraine for 17 per cent (18). Therest of Europe accounted for 14 per cent (14) and other countries for4 per cent (3) of net sales.Ruukki Construction's net sales for the first half year were EUR 278million (509) and Ruukki Engineering's net sales were EUR 200 million(394). Ruukki Metals' net sales were EUR 467 million (EUR 1,105million reported and EUR 1,082 million comparable).Ruukki Construction's net sales were particularly affected bycontinued weak demand in commercial and industrial construction.Customers' difficulties in arranging funding and increasing cautionin decision-making delayed the start of many construction projectsand, in some countries in Central Eastern Europe, Russia and Ukraine,projects were even discontinued. Net sales were down compared to theprevious year also because of the weakening of a number of salescurrencies against the euro. Infrastructure construction net salesdeclined less than those of commercial and industrial construction.Ruukki Engineering's deliveries to equipment manufacturers in theenergy industry, both in wind and diesel power plants, continued at agood level. Customers' weak order books, especially in equipmentmanufacture in the lifting, handling and transportation industry,reduced order intake. Lower delivery volumes decreased RuukkiEngineering's net sales. There were also few deliveries toshipbuilding and offshore customers.Ruukki Metals continued to experience weak demand for steel productsalmost throughout the first half of the year. De-stocking was stillongoing in the market during the second quarter, which partlyaffected the number of deliveries. A low level of activity in thelifting, handling and transportation equipment industry decreasedsales of special steel products in particular. Special steel productsaccounted for 19 per cent (27) of Ruukki Metals' net sales during thereport period. Likewise, sales of stainless steel and aluminium, soldas trading products, were down year on year.Second quarter net salesConsolidated net sales for the second quarter were EUR 438 million(EUR 1,069 million reported and EUR 1,060 million comparable).Ruukki Construction's second quarter net sales were EUR 145 million(285). Consistent with normal seasonal fluctuation, sales ofresidential roofing products were brisker during the second quarterof the year than during the first. There was a continued low level ofactivity in commercial and industrial construction.Ruukki Engineering's second quarter net sales were EUR 75 million(205). The division's net sales were affected by de-stockingthroughout the supply chain. This resulted in a continued decrease indemand during April-June.Ruukki Metals' second quarter net sales were EUR 218 million (EUR 580million reported and EUR 571 million comparable). Weak demandcontinued during April-June, but picked up somewhat towards the endof the quarter. Prices of steel products continued to fall during thesecond quarter, but levelled off towards the end of the reportperiod.Operating profit for January-JuneConsolidated reported negative operating profit for January-June was-EUR 230 million and operating profit excluding non-recurring itemswas -EUR 225 million (EUR 309 million reported and EUR 314 millioncomparable). Both reported operating profit and operating profitexcluding non-recurring items equated to -24 per cent (15 per centreported and 16 per cent comparable) of net sales.Ruukki Construction posted a negative operating profit of -EUR 22million (59). Ruukki Engineering's reported negative operating profitwas -EUR 2 million (66) and operating profit excluding non-recurringitems was EUR 3 million. Ruukki Metals' negative operating profit was-EUR 199 million (EUR 197 million reported and EUR 202 millioncomparable).Ruukki Construction's operating profit fell particularly as a resultof lower sales volumes coupled with lower selling prices. Sellingprices of construction products fell during the first half of theyear, especially in Central Eastern Europe. However, the fall inprices levelled off towards the end of the second quarter. Also, highcosts, which were still unable to be fully aligned to lower sales,weakened profitability. In addition, the use of own steel produced athigh raw material prices and the use of high-cost external materialin stock continued to affect profitability also during the secondquarter.Ruukki Engineering's operating profit was weakened by lower salesvolumes, lower selling prices - especially for plate products andparts - as well as by the use in these products of steel produced athigh raw material prices. The division took a non-recurring charge ofEUR 5 million on the planned closure of the units in Hässleholm andOskarström in Sweden. This charge was booked in the second quarter.Ruukki Metals' negative operating profit was mainly due to thecontinued sluggish demand for steel products. In addition, poor pricedevelopment and the unwinding of stocks produced at high raw materialprices weakened profitability.The low steel production capacity utilisation rate considerablyincreased the fixed costs per unit of steel produced and had anegative impact of around EUR 160 million on costs for January-June.Restarting the idle blast furnace at the Raahe Works graduallyincreased steel production capacity utilisation rates since earlyMay, although still did not yet significantly reduce the cost perunit of steel produced.Actions to improve operating efficiency and adjust operations haveonly partly impacted on profitability during the first half of theyear. Cost savings are expected to impact in full during the secondhalf of the year.Second quarter operating profitConsolidated reported negative operating profit for April-June was-EUR 117 million and operating profit excluding non-recurring itemswas -EUR 112 million (EUR 166 million reported and EUR 172 millioncomparable). Reported operating profit equated to -27 per cent andoperating profit excluding non-recurring items equated to -26 percent (16 per cent reported and 16 per cent comparable) of net sales.Ruukki Construction's negative operating profit for April-June was-EUR 9 million (38). Ruukki Engineering's reported negative operatingprofit was -EUR 7 million (35) and operating profit excludingnon-recurring items -EUR 2 million.Ruukki Metals' negative operating profit was -EUR 97 million (EUR 100million reported and EUR 106 million comparable). During the secondquarter, low steel production capacity utilisation rate had a costimpact of around -EUR 70 million (Q1/2009: -EUR 90 million). The costof a strike and writedowns on stocks weakened second quarter earningsby around EUR 11 million.Financial items and earnings for January-JuneNet finance expense and exchange rate differences relating to financetotalled EUR 19 million (3), including the arrangement fee of aroundEUR 5 million for a new revolving credit facility. Net interest costsrose by around EUR 8 million and totalled around EUR 13 million (5).Group taxes were -EUR 65 million (78), which includes a decrease ofEUR 61 million (8) in deferred tax.Earnings for the period were -EUR 184 million (229).Earnings per share were -EUR 1.33 (1.65).Balance sheet, cash flow and financingThe consolidated balance sheet total at 30 June 2009 was EUR 2,488(2,903), EUR 415 million lower than at 30 June 2008 and EUR 495million lower compared to the closing balance sheet for 2008. Equityat 30 June 2009 was EUR 1,587 million (1,874) equating to EUR 11.43per share (13.51). The decrease in equity since year-end 2008 wasmainly attributable to the loss posted for the first half of 2009 anddividends paid out during the report period. The equity ratio at theend of the report period was 64.3 per cent (66.1).Return on equity during the past 12 months was -0.5 per cent (23.3)and return on capital employed was 1.9 per cent (28.6).During January-June, acquisitions resulted in an increase of EUR 8million in property, plant and equipment and an increase of EUR 3million in goodwill to EUR 103 million.Cash flow from operating activities was EUR 82 million (289) and cashflow before financing activities was -EUR 6 million (192). EUR 215million was released from net working capital during the reportperiod.Net interest-bearing financial liabilities at 30 June 2009 were EUR364 million (109) and the gearing ratio was 22.9 per cent (5.8).In June, the company signed a revolving credit facility of EUR 350million. The loan replaced a credit facility of EUR 300 millionsigned in April 2005. The new facility has a maturity of three yearsand can be used flexibly for general corporate purposes.At the end of June 2009, the Group had liquid assets of EUR 102million and undrawn revolving credit facilities of EUR 350 million.Actions to improve operational efficiency and adjust operationsIn October 2008, Ruukki initiated its corporate-wide Boost programme,which aims at further operational efficiency and at permanentlyimproving the company's competitive edge and profitability.The company continued work on actions implemented under the Boostprogramme during the report period and cost savings achieved duringJanuary-June totalled around EUR 22 million.In the context of the programme, Ruukki Construction implemented anumber of production arrangements between sites during the first halfof the year. Efficiency has been improved by centralising production,which has resulted in the closure of production sites in the Baltics(Latvia and Lithuania) and Central Eastern Europe (Czech Republic). Anumber of actions to improve efficiency are still under way at othersites, including Oborniki in Poland and Obninsk in Russia. Theseprojects are progressing to plan.In March, the company decided to integrate production at its plantsin Kalajoki, Finland, where it has plants serving construction andthe engineering industry. In future, both plants will manufacturecomponents for the engineering industry.During the first quarter, Ruukki Engineering improved operationalefficiency by transferring production lines and by adjustingproduction. In May, the division announced plans to discontinue themanufacture of welded components at the Hässleholm and Oskarströmunits in Sweden. By implementing these actions, the company aims atconsolidating operations and strengthening its engineeringcompetences in future growth areas, particularly in Central EasternEurope and China. The plan is to close the above units in Sweden bythe end of this year.In January, a decision was taken to centralise parts processing inRuukki Metals on the steel service centres in Raahe and Seinäjoki,Finland. In this context, the closure of Ruukki Metals' steel servicecentre in Tampere, Finland was completed during the second quarter.Adjustment measures are also under way across the company as a resultof difficult market conditions. By the end of June, employer-employeenegotiations relating to actions to improve operational efficiencyand adjust operations had resulted in a workforce reduction of around1,800 employees corporate-wide. Around 500 of these employees are inFinland. Almost 300 of the people affected by workforce reductions inFinland are covered by pension arrangements. At the end of June, atotal of some 4,800 employees, of which around 4,400 in Finland, aresubject to temporary lay-off measures. The duration and time oflay-offs varies according to site. In addition, around 800 people invarious countries in Central Eastern Europe have gone over to workinga four-day week until further notice.It is estimated that cost savings delivered by the Boost programmeand other adjustment measures under way will be around EUR 80 millionduring 2009.PersonnelThe Group employed an average of 13,165 (14,986) persons duringJanuary-June. At the end of June, the headcount was 12,855 (15,655),which was allotted as follows: 6,699 in Finland, 1,152 in the otherNordic countries, 2,427 in Central Eastern Europe, 2,223 in Russiaand other CIS countries, 81 in Western Europe and 273 in China.Capital expenditureNet cash flow from investing activities during January-June was -EUR89 million (-97).Capital expenditure on tangible and intangible assets totalled EUR 88million (103), of which maintenance investments were EUR 35 million(25). A total of EUR 7 million (6) was spent on acquisitions. Othershares increased by EUR 2 million (0).Cash inflows of EUR 9 million (11) from investing activities duringthe report period were mostly generated by divestments of property,plant and equipment.A decision was made in April to modernise the two blast furnaces atthe Raahe Works during 2010 and 2011. It is planned to bringmodernisation of blast furnace 1 forward by three months so that workbegins in April 2010. The company plans to modernise blast furnace 2during 2011. Blast furnace modernisations are essential maintenanceinvestments. Both blast furnaces will be shut down in turn for aroundtwo months during the modernisation project. Start-up of the blastfurnaces after modernisation is expected to last between four and sixweeks.In connection with blast furnace modernisation, Ruukki will switchover to using only iron pellets instead of sinter as a raw materialin the iron-making process. The sinter plant currently in use will beclosed down by the end of 2011.The investments in modernising the blast furnaces and changing thefeedstock base total around EUR 220 million, in addition to whichenvironmental investments of some EUR 60 million will be made.Capital expenditure on tangible and intangible assets for 2009 isestimated to remain below EUR 170 million.Shares and share capitalDuring the first half of 2009, Rautaruukki Oyj shares (RTRKS) weretraded for a total of EUR 1,612 million (3,382) on NASDAQ OMXHelsinki. The highest price quoted was EUR 17.45 in May and thelowest was EUR 11.06 in January. The volume weighted average pricewas EUR 14.10. The share closed at EUR 14.25 and the company had amarket capitalisation of EUR 1,999 million (4,075) at the end of thereport period on 30 June 2009.The company's registered share capital at 30 June 2009 was EUR 238.5million and there were 140,285,425 shares issued.A total of 20,480 Rautaruukki Oyj shares were subscribed throughwarrants exercised between 15 April and 23 May 2009 under thepersonnel 2003 bond with warrants. The share capital was increased byEUR 34,816 accordingly. The increase in share capital was entered inthe Trade Register on 18 June 2009. The subscription period throughwarrants under the 2003 bond with warrants expired on 23 May 2009 andthe increase in share capital entered in the Trade Register in Junewas the last under this bond. Warrants were exercised to subscribe atotal of 1,398,980 shares (99.9 per cent).The Board of Directors has the authority to acquire a maximum of12,000,000 of the company's own shares. The authority is valid for 18months from the date of the resolution of the Annual General Meetingheld on 24 March 2009. During the report period, the Board ofDirectors did not exercise its authority to acquire the company's ownshares.In addition, the Board of Directors has the authority to decide on ashare issue, which includes the right to issue new shares or totransfer treasury shares held by the company. The authority appliesto a maximum of 15,000,000 shares in total. The Board of Directorshas the right to disapply the pre-emption rights of existingshareholders in a private placement. The authority also includes theright to decide on a bonus issue. The authority is valid until theclose of the 2011 Annual General Meeting. During the report period,the Board of Directors did not exercise its authority to issueshares.At the end of the report period, the Board of Directors had no validauthority to issue options or other special rights providingentitlement to shares.At 30 June 2009, the company held 1,420,608 treasury shares, whichhad a market value of EUR 20.2 million and an accountable par valueof EUR 6.1 million. Treasury shares account for a relative percentageof 1.01 per cent of the total number of shares and votes.Energy and the environmentIn April, the company invested EUR 10 million in GreenStream NetworkPlc's Climate Opportunity Fund, a vehicle purchasing carbon emissionsreductions. The emissions reductions generated can be used inemissions trading in 2013-2020.In April, Ruukki made a decision to modernise its two blast furnacesat the Raahe Works during 2010 and 2011. In the same context, thecompany will also make environmental investments of around EUR 60million. Closure of the sinter plant and the environmentalinvestments to be actioned will significantly reduce dust, sulphurdioxide and carbon dioxide emissions, and reduce energy consumptionat the works.In June, the company published the environmental reviews for 2008 forthe Raahe and Hämeenlinna works. Published electronically, thereviews supplement the printed environmental reports for 2007 and canbe viewed on the company's website.Events taking place after 30 June 2009Owing to weak demand in the shipbuilding industry, the companyannounced in July that it was to reorganise operations at the Mo iRana plant in Norway. Adjustment to production will result in thereduction of 137 jobs at the plant during autumn this year. Infuture, the Mo i Rana plant will focus on the production of flangeprofiles for windmill towers. Reorganisation of operations isexpected to result in non-recurring costs of around EUR 1.2 million,which will be booked in the third quarter of 2009.Risks and risk managementRisk management at Rautaruukki is guided by the operating principlesand process of corporate risk management set out in the riskmanagement policy approved by the company's Board of Directors. Riskmanagement is an integrated part of the company's management system.The company has detailed the business risks and risk management inthe Annual Report 2008 and does not consider any material changes tohave taken place during the report period in the risks and factors ofuncertainty presented in the Annual Report 2008.Business environment developmentOf the countries where Ruukki has construction operations, it isanticipated that the national economies of Poland and Russia willrecover faster than those, for example, of the Baltic states, Hungaryor Ukraine when the global economy returns to the growth track.However, there is still a strong need for new and renovationconstruction in all Eastern European countries. Other constructionneeds created by major infrastructure projects partly support demandfor commercial and industrial construction in these countries.Due to difficult market conditions, many engineering companies indifferent customer industries are reviewing their manufacturingstrategies. Consequently, some companies will increase insourcing,whereas others will increase outsourcing. This trend is expected toincrease demand for local assembly and manufacturing in the company'sunits in Poland and Hungary and, in future, possibly also in Russia.A weakening of the currencies of countries in these regions is partlycontributing to this change. On the other hand, however, this trendposes challenges for the near-term growth of Ruukki's engineeringbusiness, especially in Finland and the other Nordic countries.The first international price agreements for 2009 on coal and ironore, the main raw materials used in steel production, were signedduring the spring and early summer. However, selling prices of steelproducts fell sharply already during the first part of the yearpartly in anticipation of a fall in the prices of raw materials.These raw material price agreements are expected to support the pricedevelopment of steel products during the second half of the year asthe uncertainty concerning raw material costs fades. Lower stocklevels are also expected to contribute to price development.Near-term outlookThere were no significant changes in the company's near-term outlookduring the second quarter. It still remains difficult to predictmarket development and business visibility is noticeably shorter thanusual.Even though construction activity is typically briskest during thethird quarter, lower than normal growth in seasonal demand isexpected for the current year. There are signs that residentialconstruction will pick up in Finland and the other Nordic countriestowards the end of the year. However, no growth in the level ofactivity in commercial and industrial construction is anticipatedduring the current year. Demand is not expected to recover until thesituation in the financial markets improves and customer confidence,as well as a willingness and ability to invest, is restored.Infrastructure construction is expected to pick up somewhat and it isanticipated that public sector stimulus packages will foster demandin the Nordic countries starting from towards the end of 2009.There are some signs of a decline in stock levels in the supply chainwithin the engineering industry. This is expected to support demandwithin the company's engineering business towards the end of theyear. However, no real improvement is expected over the next fewmonths in the poor level in demand witnessed during the secondquarter in the manufacture of equipment in the lifting, handling andtransportation industry. Good demand from equipment manufacturers inthe energy industry is expected to continue even though uncertaintyin the financial markets might also affect new wind farm projects.Market conditions in plate products and components in theshipbuilding industry are weak and there are few new orders.Demand for steel products varies according to customer. Even thoughthere are signs that de-stocking has ended in some customer segments,no marked improvement in the overall picture of demand is expectedduring the summer. Once de-stocking is completed, direct ex-worksdeliveries of steel products are expected to increase to correspondto the level of end-customer demand. The fall in the prices of rawmaterials used in steel production will be reflected in full in thecompany's cost structure during the second half of the year.Restarting the idle blast furnace at the Raahe Works will increasethe steel production capacity utilisation rate and clearly improvecost efficiency. This will be evidenced in the company's coststructure during the second half of the current year.The company expects cost savings through operational efficiencyimprovement actions and adjustment measures to impact in full duringthe second half of the year. Cost savings from the Boost programmeand other adjustment measures already under way are expected to be inthe region of EUR 80 million for the whole year. Operationalefficiency improvement actions and adjustment measures will continuecorporate-wide. The company's financial position is expected toremain strong.Based on efficiency improvement actions and adjustment measures underway, lower costs of raw materials used in steel production andimproved cost efficiency in steel production, the company estimatesthere will be a marked improvement in the result before taxes for thesecond half of the year compared to the first half, but might remainslightly negative.This report is unaudited.Helsinki, 17 July 2009Rautaruukki CorporationBoard of DirectorsDIVISIONSRuukki ConstructionEUR million Q1/08 Q2/08 Q3/08 Q4/08 2008 Q1/09 Q2/09Net sales 225 285 309 248 1 067 132 145Operating profit * 21 38 56 17 132 -13 -9as % of net sales * 9 13 18 7 12 -10 -6* Excluding non-recurring items.Net salesRuukki Construction's net sales for the first half of the year wereEUR 278 million (509), down by 45 per cent year on year. The divisionaccounted for 29 per cent (25) of consolidated net sales. Secondquarter net sales were down year on year at EUR 145 million (285).Net sales development was affected by continued weak demandthroughout the report period, with a particularly low level ofactivity witnessed in commercial and industrial construction.Customers' difficulties in arranging funding and increasing cautionin decision-making delayed the start of many construction projects ina number of market areas and, in some countries in Central EasternEurope, Russia and Ukraine, projects were even discontinued. Publiclyfunded projects, such as the construction of sports centres andagricultural buildings, in Russia, and partly also in other marketareas, accounted for a much greater share of the division's netsales. Construction in the energy industry, too, remained briskerthan in other industrial sectors. Compared to the first half of 2008,net sales also decreased due to the weakening of a number of salescurrencies against the euro.Infrastructure construction net sales for the first half of 2009 fellless than net sales of commercial and industrial construction. Lowdemand for piles used in building foundation constructionparticularly contributed to weaker net sales performance.Infrastructure construction accounted for 15 per cent (12) of thedivision's net sales during the first half of the year.Consistent with normal seasonal fluctuation, sales of residentialroofing products were brisker during the second quarter of the yearthan during the first. Nevertheless, considerably weaker marketconditions than in earlier years meant that sales volumes of roofingproducts during the first half of 2009 were down year on year.Residential construction accounted for 15 per cent (11) of thedivision's net sales during the first half of the year.Operating profitRuukki Construction's negative operating profit was -EUR 22 million(59) for the first half of the year and -EUR 9 million (38) for thesecond quarter. Operating profit decreased especially as a result oflower sales volumes and selling prices. Selling prices ofconstruction products fell during the first half of the year,especially in Central Eastern Europe. However, the fall in priceslevelled off towards the end of the second quarter. Also, high costs,which were still unable to be fully aligned to lower sales, weakenedprofitability.Also, the use of own steel produced at high material prices and theuse of high-cost external material in stock continued to impact onprofitability during the second quarter, too.Actions to improve operational efficiency and adjust operations haveonly partly impacted on the cost structure during the first half ofthe year. Cost savings are expected to impact mainly during thesecond half of the year.Major ordersIn April, the company announced the delivery and installation of thesteel frame and envelope structures for a new combined heat and power(CHP) plant in Pärnu, Estonia. The delivery is a step forward in thecompany's progress towards increasingly wider total deliveries in theBaltics. Likewise in April, the company announced the delivery ofsteel structures to extend the quay of the deep water harbour in theSuursatama project in Kokkkola, Finland. The structures delivered forthe harbour project are worth EUR 1.4 million.During the second quarter, the company designed, delivered andinstalled the steel structures for three new ceramic tile productionfacilities in Orel, Russia. The contract was worth around EUR 2million.Capital expenditureRuukki Construction has been implementing an investment programme toincrease production capacity in Russia and Eastern Europe since 2007.The programme was largely completed by year-end 2008. However, thesandwich panel line to be built in Ukraine is still incomplete and inthe light of market conditions, the installation and start-up of theline is under review. Also the new panel plant investment underconstruction at Obninsk in Russia has been discontinued until furthernotice. The plant was originally planned to come on stream towardsthe end of this year.Construction of the new sandwich panel plant at Alajärvi, Finland isprogressing to plan and will be completed during the last quarter ofthe year.Improved operational efficiencyUnder the corporate-wide operational excellence programme, Boost, thedivision actioned a number of production arrangements between sitesduring the first half of the year. Efficiency has been improved bycentralising production, which has resulted in the closure ofproduction sites in the Baltics (Latvia and Lithuania) and CentralEastern Europe (Czech Republic). A number of actions to improveefficiency are still under way at other sites, including Oborniki inPoland and Obninsk in Russia. These projects are progressing to plan.In March, the company decided to integrate production at its plantsin Kalajoki, Finland, where it has plants serving construction andthe engineering industry. In future, both plants will manufacturecomponents for the engineering industry. Employer-employeenegotiations in this context were completed in May. The negotiationsresulted in the transfer of 35 employees to Ruukki Engineeringdivision and 12 redundancies.Other eventsDuring the second quarter, the company received two major steelconstruction awards. The Swedish Institute of Steel Constructionchose Swedbank Stadium in Malmö, Sweden as the Swedish steelconstruction of the year. Ruukki was responsible for the design,manufacture and installation of the steel structures for the stadium.The stadium was completed in November 2008. In May, the NorwegianSteel Association and the Norwegian Structural Steel Associationvoted the Ypsilon pedestrian bridge delivered by Ruukki as the 2009steel structure of the year in Norway. The company delivered thesteel structures for the bridge in Drammen, Norway and was alsoresponsible for the prefabrication and installation of the bridgepylons and deck. The bridge was completed in March 2007 and haspreviously received a Certificate of Nomination in the ECCS Awardsfor Steel Bridges.During the first half of the year, the division launched a new RDdrilled pile system for use in infrastructure construction. Advancedjointing technology in particular now makes piling work considerablymore efficient. The new system has been launched in Finland, Norwayand Sweden and demand for piles has increased, with deliveries toseveral projects already.Decorrey, a new steel roof, was first launched on the Estonian marketin April and sales have got off to an excellent start. During thesecond quarter, Decorrey was also launched in Poland, the CzechRepublic and Slovakia.Ruukki EngineeringEUR million Q1/08 Q2/08 Q3/08 Q4/08 2008 Q1/09 Q2/09Net sales 188 205 184 187 765 125 75Operating profit * 32 35 34 27 128 5 -2as % of net sales * 17 17 19 14 17 4 -3* Excluding non-recurring items.Net salesRuukki Engineering's net sales for the first half of the year wereEUR 200 million (394), down by 49 per cent year on year. The divisionaccounted for 21 per cent (20) of consolidated net sales. Secondquarter net sales were down sharply year on year at EUR 75 million(205).Deliveries to equipment manufacturers in the energy industry, both inwind and diesel power plants, continued at a good level. However,weak demand from customers, especially in equipment manufacture inthe lifting, handling and transportation industry, reduced orderintake. Lower delivery volumes decreased Ruukki Engineering's netsales. Net sales fell in all product groups in this segment, exceptfor telescopic booms for mobile cranes, sales of which during thereport period remained unchanged year on year.Similarly, de-stocking throughout the supply chain decreased demandfor Ruukki Engineering's products and services. There were fewdeliveries also to shipbuilding and offshore customers.The division's business in China continued to make positive progressand grew year on year.Equipment manufacturers in the lifting, handling and transportationindustry accounted for 36 per cent (45) and equipment manufacturersin the energy industry for 35 per cent (19) of the division's netsales during the first half of the year.Operating profitRuukki Engineering's reported operating profit slipped to -EUR 2million (66) for the first half of the year and operating profitexcluding non-recurring items to EUR 3 million. The division reporteda negative operating profit of -EUR 7 million (35) for the secondquarter and an operating profit of -EUR 2 million excludingnon-recurring items.Ruukki Engineering's operating profit was weakened by lower salesvolumes, lower sales prices, especially for plate products and parts,as well as the use in these products of steel produced at high rawmaterial prices. The division took a non-recurring charge of EUR 5million on the planned closure of the units in Hässleholm andOskarström in Sweden. This charge was booked in the second quarter.Capital expenditure and business developmentRuukki Engineering has systematically invested in new manufacturingtechnology to improve operational efficiency, quality and deliveryaccuracy. This technology enables streamlined, automated productionlines for the manufacture of components for delivery to equipmentmanufacturers in the energy industry and lifting, handling andtransportation industry.Work continued during the report period on the installation andtesting of two robot cells at the cabin assembly unit in Kurikka,Finland. Automation of welding operations at the Peräseinäjoki sitein Finland also continued to plan and will be completed during thecourse of 2009.A project to improve machining operations at the Sepänkylä unit inFinland was completed and the new equipment came on stream during thesecond quarter. Progress was made to plan with the machining projectin Jaszbereny, Hungary.The first quarter saw the start of process development work at the Moi Rana unit in Norway, which is focusing on energy-saving processautomation. Work is at the planning stage and the aim is to completethe project during 2009.In Shanghai, China, operations expanded into new premises during thefirst quarter of 2009. The new production lines serve the company'scustomers in the lifting, handling and transportation equipmentindustry and in the energy industry. The first cabins to roll off thenew production lines were delivered during the second quarter. Alsoduring the second quarter, the company reserved the opportunity tofurther expand its business in China and reached an agreement on anoption to lease a plot adjacent to the plant completed during thefirst half of the year.Improved operational efficiencyThe division improved operational efficiency during the first quarterby relocating production lines and by adjusting production. In March,the company announced it was to further improve operationalefficiency by integrating production at its two plants in Kalajoki,Finland. One of the Kalajoki plants earlier served the company'sconstruction customers, but in future both plants will producecomponents for the engineering industry. Operations will becentralised so that one of the plants focuses on the light and theother on the heavy engineering industry.In May, the company announced it was to discontinue the manufacturingof welded components at the Hässleholm and Oskarstöm units in Sweden.These actions are intended to consolidate the company's operationsand to strengthen its engineering competences in future growth areas,particularly in Central Eastern Europe and China. The plan is toclose the above Swedish units by the end of the year. Closure isexpected to result in the loss of 106 jobs at Hässleholm and 36 jobsat Oskarström.In July, after the report period, the company announced it was toreorganise operations at its plant in Mo i Rana, Norway due to weakdemand in the shipping industry. Adjustment to production will resultin the reduction of 137 jobs at the plant. These reductions will takeplace during the autumn. In future, the Mo i Rana plant will focus onthe production of flange profiles for windmill towers.Ruukki MetalsEUR million Q1/08 Q2/08 Q3/08 Q4/08 2008 Q1/09 Q2/09Net sales 511 571 503 412 1 997 249 218Operating profit* 96 106 112 36 350 -102 -97as % of netsales * 19 19 22 9 18 -41 -44All figures are comparable and exclude Carl Froh GmbH, which wasdivested.* Excluding non-recurring items.Net salesRuukki Metals' net sales for the first half of the year were EUR 467million (EUR 1,105 million reported and EUR 1,082 millioncomparable). The division accounted for 49 per cent (55) ofconsolidated net sales. Second quarter net sales were EUR 218 million(EUR 580 million reported and EUR 571 million comparable).Weak demand for steel products continued almost throughout the firsthalf of the year, although picked up somewhat towards the end of thesecond quarter. Stock levels were still being unwound in the marketduring the second quarter, which partly affected the number ofdeliveries. A low level of activity in the lifting, handling andtransportation equipment industry decreased sales of special steelproducts in particular. Likewise sales of stainless steel andaluminium, sold as trading products, were down year on year.Special steel products accounted for 19 per cent (27) of RuukkiMetals' net sales during the report period. Net sales of stainlesssteel and aluminium totalled EUR 54 million (133).Prices of steel products continued to fall during the second quarter.However, the first international price agreements signed during thespring and early summer on the prices of the main raw materials -coal and iron ore - used in steel production to some extent levelledoff the falling prices of steel products as uncertainty about rawmaterial costs gradually faded. Lower stocks also partly supportedprice development.Operating profitRuukki Metals' negative operating profit was -EUR 199 million (EUR197 million reported and EUR 202 million comparable) for the firsthalf of the year and -EUR 97 million (EUR 100 million reported andEUR 106 million comparable) for the second quarter. The division'snegative operating profit was mainly due to the continued sluggishdemand for steel products. In addition, poor price development andthe unwinding of stocks produced at high raw material prices weakenedprofitability.The low steel production capacity utilisation rate increased thefixed costs per unit of steel produced. Restarting the idle blastfurnace at the Raahe Works gradually increased steel productioncapacity utilisation rates since the first half of May, although thisstill did not yet significantly reduce the cost per unit of steelproduced. Low production capacity utilisation had an impact of around-EUR 70 million on costs during the second quarter (Q1/2009: -EUR 90million).Operating profit on stainless steel and aluminium was slightlynegative during the first half of the year. The costs of the strikein June at the strip mill at the Raahe Works in Finland and stockwritedowns weakened profitability by around EUR 11 million.Steel production1000 tonnes Q1/08 Q2/08 Q3/08 Q4/08 2008 Q1/09 Q2/09Steel production 672 680 703 531 2 585 269 392The company's steel production during the first half of the year was661 thousand tonnes (1,352).The steel production capacity utilisation rate remained low almostthroughout the report period. The blast furnace which had been idlesince December 2008 at the Raahe Works was restarted during early Mayand reached its target capacity utilisation rate of around 80 percent in mid-June. Start-up of the blast furnace went according toplan. The blast furnace was restarted to build up reserve stocks tosafeguard uninterrupted customer deliveries during disruption toproduction for the period of downtime in 2010 whilst modernisation isbeing carried out.In June, there was a strike lasting at number of days at the stripmill at the Raahe Works. The strike is being heard by the LabourCourt.Capital expenditureIn April, Ruukki made a decision to modernise its two blast furnacesat the Raahe Works during 2010 and 2011. In the same context, thecompany will also make environmental investments. It is planned tostart modernisation of blast furnace 1 in April 2010. The companyplans to modernise blast furnace 2 during 2011. Blast furnacemodernisation is an essential maintenance investment.In connection with blast furnace modernisation, the company willswitch over to using only iron pellets instead of sinter as a rawmaterial in the iron-making process. The sinter plant currently inuse will be closed down by the end of 2011.The investments in modernising the blast furnaces and changing thefeedstock base in 2009-2012 total around EUR 220 million, in additionto which environmental investments of some EUR 60 million will bemade.Improved operational efficiencyIn January, a decision was made to centralise parts processing onRuukki Metals' steel service centres in Raahe and Seinäjoki, Finland.In the same context, the steel service centre in Tampere was closedduring the second quarter.The division has held employer-employee negotiations concerningtemporary lay-offs and workforce reductions. By the end of June,negotiations had resulted in a workforce reduction of around 500persons and lay-offs affecting a total of around 3,500 employees. Theduration and time of lay-offs varies according to site.Other eventsLost time accident frequency during the first half of the year was 10(14) per million hours worked.In April, the company expanded its offering of high-strength steelswith the launch of Optim 1500 QC, the world's strongest hot-rolledstructural steel. This ultra high-strength steel is an idealstructural material for earthmoving machinery, for example. Optim1500 QC steel is produced using the company's own direct quenchingprocess.In April, the Ministry for Economic Development and Trade of theRussian Federation extended the investigation time into theanti-dumping of colour-coated products to 21 July 2009. Ifintroduced, import duties would apply to exports of colour-coatedproducts to Russia from the date the decision enters into force.Ruukki manufactures and exports around EUR 30 million of theseproducts from Finland to Russia each year.TABLESThis interim report has been prepared in accordance with IAS 34 and,with the exception of the following new and amended standardseffective from 1 January 2009, is in conformity with the accountingpolicies published in the 2008 financial statements.IAS 1 Presentation of Financial Statements. The revised standard aimsto improve users' ability to analyse and compare the informationpresented in the financial statements by separating changes in equityof an entity arising from transactions with owners from other changesin equity.IFRS 8 Operating Segments. This new standard requires the company toapply the "management approach" to reporting the financialperformance of its operating segments. This means that theinformation disclosed must be based on the information managementuses internally to evaluate segment performance. IFRS-standards areapplied in the Group's management reporting and assessment ofperformance and decisions about resource allocation to segments isbased on their respective operating profits. Adoption of the standardhas not impacted on the Group's segment structure.IAS 23 Borrowing Costs. The amended standard requires an entity tocapitalise borrowing costs directly attributable to the acquisition,construction or production of a qualifying asset as part of the costof that asset. The option of immediately recognising such borrowingcosts as an expense has been removed. The Group appliescapitalisation rate to calculate the interest to be capitalised. Theamended standard has had no material impact on the Group.IFRS 2 Share-based payments amendments to the standard - VestingConditions and Cancellations. The amendments clarify the accountingtreatment of vesting conditions and provide that cancellations by thecompany or other parties receive similar accounting treatment.Additionally, the Group has changed the presentation of the incomestatement from the "nature of expense" method to the "function ofexpense" method. The comparable figures have been restatedaccordingly.Individual figures and totals appearing in the tables have beenrounded to the nearest full million of euros.SUMMARY CONSOLIDATED INCOME STATEMENTEUR million Q1-Q2/09 Q1-Q2/08 Q2/09 Q2/08 2008Net sales 944 2 008 438 1 069 3 851Cost of sales 1 046 1 533 492 814 2 980Gross profit -101 475 -54 255 872Sales and marketing costs 58 76 29 39 148Administrative expenses 79 94 38 49 177Other operating income 10 13 3 8 31Other operating expenses 1 10 -1 10 10Operating profit -230 309 -117 166 568Finance income and expense -19 -3 -10 1 -23Share of results of associates 0 2 0 1 3Result before taxes -249 308 -127 167 548Taxes 65 -78 33 -45 -142Result for the period -184 229 -94 123 406Attributable to:Equity shareholders of the parent -184 229 -94 123 406Minority interest 0 0 0 0 -1Diluted earnings per share, EUR -1.33 1.65 -0.68 0.89 2.93Basic earnings per share, EUR -1.33 1.65 -0.68 0.89 2.93Operating profit as % of netsales -24.3 15.4 -26.7 15.5 14.7STATEMENT OF COMPREHENSIVE INCOMEEUR million Q1-Q2/09 Q1-Q2/08 Q2/09 Q2/08 2008Result for the period -184 229 -94 123 406Other comprehensive income:Cash flow hedges 21 -4 20 8 -62Translation differences -4 1 17 4 -54Actuarial gains and losses 0 -47 0 0 -62Taxes on other comprehensiveincome -5 13 -6 -2 32Other comprehensive income aftertaxes 11 -36 32 10 -145Total comprehensive income -174 193 -62 133 261Attributable to:Equity shareholders of the parent -174 193 -62 133 261Minority interest 0 0 0 0 -1SUMMARY CONSOLIDATED BALANCE SHEET 30 Jun 30 Jun 31 DecEUR million 2009 2008 2008ASSETSNon-current assets 1 470 1 427 1 442Current assets Inventories 567 669 750 Trade and other receivables 349 705 536 Cash and cash equivalents 102 103 254Total assets 2 488 2 903 2 983EQUITY AND LIABILITIESEquity Attributable to shareholders of the parent 1 587 1 874 1 948 Minority interest 2 3 2Non-current liabilities Interest-bearing liabilities 322 134 276 Non-interest-bearing liabilities 102 175 158Current liabilities Interest-bearing liabilities 144 77 133 Trade payables and other liabilities 332 640 466Total equity and liabilities 2 488 2 903 2 983SUMMARY CASH FLOW STATEMENTEUR million Q1-Q2/09 Q1-Q2/08 2008Result for the period -184 229 406Adjustments 70 149 250Cash flow before change in working capital -114 378 656Change in working capital 215 -14 -110Financing items and taxes -18 -75 -164Cash flow from operating activities 82 289 382Cash inflow from investing activities 9 11 25Cash outflow from investing activities -97 -109 -238Total cash flow from investing activities -89 -97 -213Cash flow before financing activities -6 192 169Dividends paid -188 -277 -277Change in interest-bearing liabilities 54 -8 193Other net cash flow from financing activities -11 1 -4Translation differences -2 0 -11Change in cash and cash equivalents -153 -93 70KEY FIGURES Q1-Q2/09 Q1-Q2/08 2008Net sales, EUR m 944 2 008 3 851Operating profit, EUR m -230 309 568as % of net sales -24.3 15.4 14.7Result before taxes, EUR m -249 308 548as % on net sales -26.4 15.3 14.2Result for the period, EUR m -184 229 406as % of net sales -19.5 11.4 10.5Return on capital employed(rolling 12 mths), % 1.9 28.6 25.6Return on equity, % -0.5 23.3 20.7Equity ratio, % 64.3 66.1 65.9Gearing ratio, % 22.9 5.8 7.9Net interest-bearing liabilities,EUR m 364 109 155Equity per share, EUR 11.43 13.51 14.04Personnel, average 13 165 14 986 14 953Number of shares 140 285 425 140 215 328 140 255 479 - excluding treasury shares 138 864 817 138 748 391 138 788 542 - diluted, average 138 826 947 138 795 862 138 773 118STATEMENT OF CHANGES INEQUITY Equity attributable to shareholders of parent Fair value and Trans- Re- Min- other lation Trea- tained ority Share Share re- diff- sury earn- inter- TotalEUR million capital premium serves erences shares ings ests equityEQUITY 1 Jan2008 238 220 9 -6 -6 1 504 3 1 963Share issue 0 0Dividenddistribution -277 -277Share basedpayments 0 0 0 0Totalcompre-hensiveincome -3 2 0 193 0 191EQUITY 30June2008 238 220 6 -4 -6 1 419 3 1 877EQUITY 1 Jan2009 238 220 0 -36 -6 1 532 2 1 950Share issue 0 0Dividenddistribution -188 -188Share basedpayments 0 0 0 0Totalcompre-hensiveincome -4 -170 0 -174EQUITY 30June2009 238 220 1 -40 -6 1 175 2 1 589NET SALES BY REGIONAs % of net sales Q1-Q2/09 Q1-Q2/08 2008Finland 32 32 31Other Nordic countries 33 33 31Central Eastern Europe, Russia and Ukraine 17 18 20Rest of Europe 14 14 15Other countries 4 3 4CONTINGENT LIABILITIESEUR million Q1-Q2/09 Q1-Q2/08 2008Mortgaged real estate 73 24 24Pledged assets 0 6 5Other guarantees given 37 46 45Collateral given on behalf of others 3 6 2Rental liabilities 116 143 132VALUES OF DERIVATIVECONTRACTSCASH FLOW HEDGES QUALIFYING FOR HEDGE ACCOUNTING 30 Jun 30 Jun 30 Jun 30 Jun 2009 2009 2008 2008 Nominal Fair Nominal FairEUR million amount value amount valueZinc derivatives Forward contracts, tonnes 32 500 -14 42 000 -16Electricity derivatives Forward contracts, GWh 1 844 -15 1 054 24The unrealised movements in the fair value of cash flow hedges arerecognised in equity to the extent the hedge is effective. Othermovements in fair value are recorded through profit and loss.DERIVATIVES NOT QUALIFYING FOR HEDGE ACCOUNTING 30 Jun 30 Jun 30 Jun 30 Jun 2009 2009 2008 2008 Nominal Fair Nominal FairEUR million amount value amount valueZinc derivativesForward contracts, tonnes 500 0Foreign currencyderivatives Forward contracts 487 -10 584 -7 Options Bought 90 -1 265 -3 Sold 90 0 265 -8CHANGES IN PROPERTY, PLANT AND EQUIPMENTEUR million Q1-Q2/09 Q1-Q2/08 2008Carrying value at start of period 1 124 1 076 1 076Additions 90 98 215Additions through acquisitions 4 4 8Disposals -6 -2 -8Disposals through divestments 0 -22 -22Depreciation and impairment -61 -61 -119Translation differences -7 4 -26Carrying value at the end of period 1 144 1 098 1 124TRANSACTIONS WITH RELATED PARTIESEUR million Q1-Q2/09 Q1-Q2/08 2008Sales to associates 11 11 30Purchases from associ
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Datum: 17.07.2009 - 08:02 Uhr
Sprache: Deutsch
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"Rautaruukki Corporation's Interim Report for January-June 2009:
Clearly negative result in exception"
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