The Diploma thesis is focused on an objective financial analysis of Třinecké železárny, a.s. from the perspective of external users, i.e. assessment of financial health, performance and position within the industry in 2004 -2009.The theoretical part deals with the essence of a financial analysis - its users, resources and processing procedures and explains the various methods of financial analysis. The practical part of the thesis follows up the performance characteristics of the selected joint-stock company, including a characteristic of main manufacturing processes. Based on the theoretical knowledge, the financial statement of the company is being analysed. The attention is also paid to a comparison with relevant industry sector and a tr...