Germany-based Klöckner & Co., the largest producer-independent distributor of steel and metal products, reported that turnover and sales increased substantially in fiscal 2011 despite adverse economic conditions in Europe and driven by expansion activities in North America.
Supported by the acquisitions of Macsteel Service Centers USA and Frefer in Brazil, the company lifted sales above €7 billion for the first time in its recent history. Turnover jumped 25.4 percent in fiscal 2011 to 6.7 million tons, primarily a due to increased US activity.
Klöckner & Co said that it expects turnover and sales to rise in 2012, particularly as a result of the expansion of its activities in North America. In the Europe segment, turnover and sales will be depressed by the generally anticipated decline in economic output. For the Americas segment, further robust growth in gross domestic product, leading to a rise in steel turnover is anticipated. Earnings in the Americas segment are also expected to show a significant improvement.