Aperam’s sales revenues down 17.7 percent in H1

Friday, 31 July 2020 10:40:08 (GMT+3)   |   Istanbul
       

Luxembourg-headquartered global stainless steel producer Aperam SA, which was spun off by ArcelorMittal and separately listed in 2011, has announced its financial results for the second quarter and the first half of the current year.

In the second quarter, Aperam reported net profit of €21 million, decreasing by 27.6 percent quarter on quarter and by 63.1 percent year on year while the company's sales revenues amounted to €818 million, declining by 22 percent quarter on quarter and by 24.9 percent compared to the same period of the previous year. Aperam's EBITDA decreased by 30 percent from the previous quarter and down by 48.4 percent year on year to €49 million. In the given quarter, Aperam’s steel shipments declined by 14.1 percent to 376,000 mt compared to the first quarter of this year.

Meanwhile, during the first half of the current year, the company’s net profit decreased by 39 percent to €50 million, while its sales revenues amounted to €1.87 billion, down 17.7 percent, both compared to the first six months of the previous year. In the first half, the company’s EBITDA declined by 32.4 percent year on year to €119 million. In the same period, Aperam’s steel shipments dropped by 15.7 percent year on year to 814,000 mt in the given period.

Aperam’s CEO, Timoteo Di Maulo stated that Aperam expects demand to remain below the historical normal level although it has started to recover and unrevised safeguard quotas that continue to support excessive imports pose another strong headwind. He also added that the company expects the coming quarter to remain as challenging as this one was. Besides, the company expects its EBITDA in the third quarter to remain almost stable compared to the second quarter.


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