Sidenor Group (Sidenor), the largest Greek steel producer, has released its financial report for the first half of 2008.
According to the report, during the first half of 2008 the consolidated turnover of Sidenor increased by 17.1 percent to €858 million, its consolidated profit before tax rose by 21 percent to €124 million, while its consolidated net after-tax and minorities profit marked a 13 percent increase amounting to approximately €77.8 million, all compared with the same period last year.
The company's profit before interest, taxes, depreciation & amortization (EBITDA) saw a 17 percent increase year on year to €164.8 million.
Sidenor's positive financial results are attributed to increasing sales prices and volumes and also to the rise in the group's sales in the Balkan markets, mainly due to the significant contribution of the new long products rolling mill at the Stomana Industry subsidiary in Bulgaria. There has also been an enhancement of the group's sales in high value added products in Western Europe.
With regard to the future, Sidenor Group plans a strategic expansion in SE Europe, the expansion of its product range along with new high value added steel products, the improvement of productivity at its plants and the expansion of its distribution network.