Tuxor, Turin-based company engaged in the export of construction steel (rebar, mesh, beams, merchant bar, sheet piles) and tubular products, has recently announced its financial results for the year 2010.
In 2010 the company recorded a turnover of € 54.48 million, up 22.68 percent compared to 2009, and a net profit of € 1.11 million, up 0.45 percent compared to the previous year. The EBITDA, which amounted to € 1.68 million, has shrunk by 9.36 percent compared to 2009.
Giuseppe Ferrero, president of Tuxor, has commented these results: "For us, 2010 was an excellent year in terms of profit and loss account, especially if we take into account the market conditions of last year, with a low-performing construction industry and the growing competition on the exports of Italian long steels".
Anticipating that the situation has worsened in 2011, especially for companies that don't work on foreign markets, Ferrero said: "Italy was once the country of reference for rebar in the Mediterranean, while today we have lost competitiveness. The only major market for the Italian rebar is Algeria, where there is a 15 percent duty on the imports from Turkey. If this tax were removed, our producers would have to deal with a serious problem, also because other countries which are historically Italian rebar customers (such as Libya, Greece and Egypt) are absent nowadays".