On April 1, the world's largest independent steel trader London, UK-based Stemco issued its financial results for 2009, stating that the deterioration in both prices and demand for steel in the first half of 2009 was worse than had been generally predicted.
According to the financial results, the loss after tax of the company was £27 million in 2009, compared with a net profit of £52 million in 2008. Sales revenues in 2009 saw a decrease of 44 percent, dropping from £6.28 billion in the previous year to £3.54 billion.
Commenting on the results, Stemco chairman Ralph Oppenheimer said, "The last 18 months have been turbulent and difficult. The depression of 2009, caused by the financial crisis of 2008, was more severe and painful for the steel industry in the developed world than any depression since the 1930s."