In the first half of 2006, the consolidated turnover of SIDENOR reached 594 mil. Euro, up by 32% vs. the first half of 2005. Profit before tax amounted to 58 mil. Euro, up by 215% vs. 2005, while EBITDA reached 96 mil. Euro, up by 81% vs. 2005. Consolidated net profit after minority interests and taxes reached 36 mil. Euro vs. 10 mil. Euro in 2005 (up by 250%), thus 0,378 Euro per share. Regarding the mother company SIDENOR S.A., net profits after minority interests and taxes reached 11 mil. Euro (0,114 Euro per share) vs. 1.5 mil. Euro in 2005.

The significant increase in turnover and profitability is attributed to strong sales in Greece and the Balkans region, solid performance of plate sales from subsidiary STOMANA and significant contribution from the turnaround of CORINTH PIPEWORKS. Continued cost reductions and the improved performance by all SIDENOR units also had a positive effect. The above trends are expected to be maintained.