Annual report 2014

Report by the Board of Directors On the business activities, assets, and financial performance in 2014 and information on the business plan Dear Shareholders, The Board of Directors of Železiarne Podbrezová considers the financial results for 2014 to have been very successful. We have completed and exceeded all tasks and objectives set by the implementation plan, despite only moderate growth being planned due to the con - tinuing strong competition between steel tube manufacturers in the European area, which is a logical consequence of stagnation or slower economic growth of European countries in recent years.