Polish steel distribution group Zlomrex has reduced its debt by “refraining from bigger investments, acquisitions, and by raising additional liquidity internally,” chief financial officer Krzysztof Zola tells Steel Business Briefing. He stresses that there will be some investment in the near future, but that this will be limited to the “most productive” projects as identified by the company.

Zlomrex decreased its debt over the first three quarters of 2008 to PLN 994.9m (€259.6m). This is below the figure projected for the end of 2008 of PLN 1.23bn.

Przemyslaw Sztuczkowski, president and owner of Zlomrex, comments that the company plans to “carry through deals made with creditors and the market, and concentrate on lowering debts.”

The company says it has no plans to float its shares (despite having previously planned to do so in 2005), citing unfavourable conditions in capital markets.

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