Finland’s Ruukki revises earnings estimates for 2011

Friday, 07 October 2011 18:04:56 (GMT+3)   |  
       

Finland-based plantmaker Ruukki has revised its 2011 earnings guidance, estimating a 15-20 percent growth in its consolidated net sales instead of approximately 25 percent as estimated earlier.

While Ruukki's outlook in the steel business has changed for 2011, the outlook in the engineering and construction businesses has remained unchanged. Estimates for the economic activity for the rest of the year have weakened as a result of general uncertainty caused by the European debt crisis.

On the other hand, the capacity utilization rate in the steel business is estimated to be around 80 percent during the fourth quarter, it declined during the third quarter due to the modernization of blast furnace No. 2.


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