Greece’s Sidenor posts decreased turnover in H1, returns to profit

In the first half of this year, the turnover of Greece's largest steelmaker Sidenor Group (Sidenor) decreased by 13 percent year on year to €473 million, while its net profit amounted to €1.6 million compared to a net loss of €41.4 million in H1 2009.
 
According to Sidenor, the first signs of recovery which were evident in the international markets over the first quarter of the current year were sustained in the second quarter as well, as demand was boosted mainly in the Central European market. The gradual rise of steel prices and the boost in investment activity, along with the positive contribution of subsidiary Corinth Pipeworks, favored the group's activity in these markets as the volume of sales increased as compared to the first half of 2009, Sidenor said. Sidenor, after noticing the needs of the market, focused its operation on the production of high-end products (such as special steels and flat steel products) produced by subsidiary Stomana Industry S.A. in order to cover any potential demand for these products.
 
According to Sidenor's statement, the ongoing and intense efforts to improve operating cost and the efficiency of production plants have substantially maintained low cost levels, enhancing in this way the company's liquidity during the second quarter as well.