Danieli issues financial results for first nine months of FY 2011-12

Friday, 18 May 2012 12:26:34 (GMT+3)   |  
       

Italy-based Danieli Group, which operates in plantmaking and also in special steel production through its subsidiary Acciaierie Bertoli Safau, has announced its financial results for the first nine months ended March 31 of the fiscal year 2011-12. As previously forecast, Danieli's consolidated sales revenue increased by two percent to €2.204 billion in the given period, while EBITDA decreased by six percent to €244.6 million and net profit dropped by seven percent to €119.9 million, all year on year.

According to a company press statement, in several areas demand for steel products was consolidated, especially from mechanical engineering and the automotive sector, but in general the company sensed a wait-and-see sentiment related to the slowdown of the global economy.

The negative trend of EBITDA was influenced by the results of Danieli's plantmaking division, which were not as good as expected. However, this was partially offset by good profitability in special steel both in the local Italian and European markets supported by the product quality of subsidiary Acciaierie Bertoli Safau.

At the end of its statement, Danieli commented on "the scheduling of new investment in order to consolidate steelmaking activity in the mid-to-long term," clearly referring to the €400 million new special steel mill which the company is planning to build in Serbia or in Italy.