"Despite a harsh economic cycle, we achieved improved financial results," said Franco Polotti, president of Brescia, Italy-based special steel producer ORI Martin, commenting on the group's 2011 financial results. In 2011, the company's crude steel output increased by 1.3 percent to 586,000 mt, while its rolled steel product production increased by two percent to 564,000 mt, both year on year.
In the given year, ORI Martin posted a 22 percent increase in its sales revenues to €462 million and more than doubled its net profit to almost €20 million, both year on year. In particular, the company's rebar rolling mill based in Ceprano recorded a improved turnover, up 17.4 percent year on year despite the sluggishness in the Italian rebar market.
In 2011, ORI Martin invested almost €6 million, bringing investment for the 2009-2011 period to €44 million. Of this total figure, about €22 million was spent in a new continuous casting machine project which has already been completed. Moreover, the company spent €9 million on environmental and safety projects, while in the current year another €5 million will be spent for the same purposes.
Company president Polotti stated that the first five months 2012 saw good production capacity exploitation rates, adding that in the second half of the year market conditions will be challenging.