Ruukki returns to profit in second quarter of 2010

On July 16, Finnish steelmaker Ruukki issued its interim financial results for the second quarter of 2010, stating that encouraging improvements in the current business environment can be seen not only in the steel business, but also in the number of new orders in construction and, to some extent, also in the engineering business.
 
According to the financial results, the operating profit of the company was €59 million in the second quarter of 2010, compared with an operating loss of €106 million in the second quarter of 2009. Sales revenues in the second quarter of 2010 were €655 million, compared to €438 million in the same quarter of the previous year, increasing 50 percent.
 
The operating profit of the company was €26 million in the first half of 2010, compared with an operating loss of €215 million in the period in question of 2009. Sales revenues in the same period of 2010 were €1.15 billion, compared to €911 million in the first half of the previous year, increasing 26 percent.
 
The company reported an order intake of €1.1 billion during January-June this year, up around 26 percent year on year. Order intake during the second quarter was €596 million, up 33 percent year on year.
 
Ruukki estimates net sales in 2010 will grow 25-30 percent year on year (previous estimate was 15-20 percent). Profitability is expected to improve significantly compared to the previous year and the full-year result before income tax is expected to be positive.