Usinor Upbeat As Profits Jump 37% To Ffr2.1bn

Usinor, the French steelmaker, on Wednesday unveiled a 37 per cent advance in annual profits accompanied by a more modest 10 per cent dividend increase. The improvement, from FFr1.5bn to FFr2.1bn ($343.2m) after making allowance for a FFr300m restructuring provision, was in line with analysts expectations. The shares slipped slightly to close down 5 centimes or less than 1 per cent at FFr87.25. The performance - with profits still far below the groups 1995 record of FFr4.43bn - followed a mixed year in which Usinor lost the contest for Spains Aceralia, but brought Unim