Stemcor increases sales and profit in H1 2010

On August 9, London-based Stemcor, the world's largest independent steel trader, has issued its financial results for the first half of 2010, stating that the world economies improved in the first quarter of 2010 and there was a marked recovery in the steel industry, increasing demand.
 
According to the financial results, sales revenues increased 30.8 percent to £2.44 billion for the first half of 2010 compared to £1.86 billion for the first half of 2009. Operating profit of £60 million in the first half compares with £16 million in the first half of 2009, increasing 275 percent.
 
The company also pointed out that tonnage invoiced increased from 5.5 million mt to 7.9 million mt year on year in the first quarter of 2010.
 
Company chairman Ralph Oppenheimer said, "The world economies improved in the first quarter of 2010 and there was a marked recovery in the steel industry. This meant increased demand for all the products that Stemcor trades and we increased tonnage invoiced by 44 percent year on year.   As steel prices rose, we were able to dispose of stocks at prices above the net realizable values assumed in our provisioning."