On October 27, France-based mining and metallurgical company Eramet S.A. issued its results for the third quarter of 2011. Accordingly, Eramet Group's total turnover in the first nine months of this year amounted to €2.7 billion increasing 4.5 percent compared to the same period last year.
The group announced that lower nickel and manganese prices and exchange rate effects led to a 3.3 percent fall in third quarter sales to €792 million. ERAMET also forecasts lower operating income for 2011 than the €739 million recorded in 2010, as the nickel and manganese prices observed since the start of the second half of this year have remained below first half levels.
Eramet increased production of nickel and manganese in the third quarter versus the same period last year, as global steel demand continued to rise. The company's manganese ore and sinter production in the third quarter of 2011 amounted to 957,000 mt, increasing by 8.6 percent, while its nickel production amounted to 13,947 mt, rising by six percent, both compared to the same period of 2010.