The world's largest independent steel trader, London-based Stemcor, issued its financial results for 2011, stating that the 2011 performance was negatively affected by the pattern set by the global economic situation.
According to the financial results, Stemcor's turnover increased 22 percent to £6.3 billion ($ 10.07 billion) in 2011 compared to £5.2 billion in the previous year. Operating profit decreased to £95 million ($151.9 million) in the same period, down 8.6 percent compared to 2010. In 2011, the profit attributable to Stemcor shareholders dropped 40 percent year on year to £22 million ($35.17 million), the lowest figure reported since 2005, apart from the recession year of 2009.
Stemcor chairman Ralph Oppenheimer added that Brahmani River Pellets Limited, the company's pellet plant in India, is now expected to be commissioned in the fourth quarter. Stemcor expects the pellet plant to contribute to a brighter performance in 2012, along with better
trading results.