On July 20, Finland-based steel producer Rautaruukki Corporation announced its interim report for April-June quarter, 2011. The company reported €68 million operating profit for the second quarter of the year.
In April-June period, the order intake increased by 13 percent to €672 million compared to the same quarter of the previous year. Net sales were also up 13 percent year-on-year in the same period and reached €730 million, according to the company statement.
In the second quarter, while the steel business grew in the wake of construction in Central Europe and Russia, the growth in engineering business was due to higher demand for mining industry machines and equipment. Engineering business net sales in the second quarter were up 25 percent year on year.
Rautaruukki estimates that consolidated net sales in 2011 will grow approximately 25 percent year on year. Residential construction is expected to remain at a good level and the market conditions in the engineering business will further improve during the second half of the year.