Finland-based steelmaker Ruukki has issued its financial results for the January-September period of the current year, reporting an operating loss for the third quarter.
In the January-September period, the operating profit of the company increased to €69 million compared to the operating loss of €8 million in the same period of 2010. Net sales revenues in the given period increased 17.2 percent to €2.08 billion, compared to the same period of the previous year.
In the third quarter alone (July-September), Ruukki recorded an operating loss of €24 million, compared with a loss of €6 million in the same period of 2010. Net sales revenues in the third quarter increased to €675 million, up 9.9 percent compared to the same quarter of the previous year.
According to Ruukki's statement, order intake was €678 million in the third quarter and €2.02 billion in the January-September period. The highest order growth was in the engineering business area.
Ruukki president and CEO Sakari Tamminen noted that the operating loss was caused by lower mill deliveries due to economic uncertainty. In the steel business area where demand is based on long-term needs and wholesale demand, mill deliveries were beyond expectations.