Metro International, which launched its first free daily newspaper in Stockholm in 1995, now publishes editions in 54 cities in 16 countries and 14 languages. Its combined circulation of more than five million makes it the third-largest newspaper in the world. But building a global newspaper, especially one that's free, isn't the same as selling desks or dresses. In its nine years of existence, Metro has made a profit only twice. Last year it lost $7 million on sales of $204 million. In early May it launched a New York City edition. The company's strategy in New York, as elsewhere, is to target commuters and youth. The tabloid with the green logo is distributed on street corners and in subway stations and supermarkets--wherever people are on the move. Its mix of short wire-service news stories and celebrity tidbits has attracted many first-time newspaper readers. Forty percent of Metro's audience worldwide is under the age of 30. Metro has deep pockets and a relatively low cost structure. It relies on a small staff of journalists spread around the world, outsources most of its production, and is backed by the Kinnevik Group, a Swedish media and telecom conglomerate, which owns 68% of Metro's stock.