Financial results reported by the main EU stainless steel companies for the latter part of 2005 were dreadful. Profits fell sharply, and in some cases were eliminated completely. The over-production which we have previously reported pushed stainless steel prices down to very low levels, In what one producer has called "an unprecedented worldwide drop in prices". This caused several companies to write down the value of their inventories, adding further to their financial deficits.
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