2002 FIRST SEMESTER RESULTS

The stainless market continues improving all over the world and consequently also prices. Nonetheless, average prices corresponding to the first semester of year 2002 have been lower than those of the first semester of year 2001.
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The stainless market continues improving all over the world and consequently also prices. Nonetheless, average prices corresponding to the first semester of year 2002 have been lower than those of the first semester of year 2001.

In this favourable scenario, the factory of Campo de Gibraltar reduced its melting production by 8.8% compared to the first semester of year 2001, due to the strikes called by the subcontracting companies during April and May, and the general strike that occurred on June, 20th that have affected the parent company results.

Fortunately, the positive contribution of almost all the subsidiaries, and specially NAS and COLUMBUS, related to the first semester of year 2001, improved by 216% over the Consolidated Group result before taxes and 122% over the result after taxes and minorities.

The result after taxes and minorities per share, in an annualised basis, 2.82 €, is a 97% higher than the one of full year 2001.

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Inventories in all the subsidiaries and service centres are at minimum levels and the book of orders allows a full production capacity operating in all the group factories.

The following graph shows the favourable quarterly evolution of the results after taxes of the Consolidated Group.