Klöckner & Co., a Germany-based producer and distributor of steel and non-ferrous metals, has announced its financial results for 2023.
Accordingly, in the given year, the company posted a net loss of €190 million, compared to a net income of €259 million in 2022, mainly due to value losses with regard to the sale of commodity distribution businesses in Europe, while its EBITDA was €190 million, decreasing by 53.3 percent year on year.
Klöckner expanded its Nexigen® product and service portfolio in the given year and managed to cut its carbon emissions by 52 percent compared to 2019. In addition, after completing the acquisition of National Material of Mexico, one of the largest steel service centers in Mexico, through its US subsidiary, automotive and industrial customers have ordered significantly larger volumes as a result of the expanded product and service portfolio.
The company expects stronger demand in Europe and North America this year since market conditions are returning to normal and the inflationary trend is declining. Therefore, it forecasts a significant increase in shipments and sales.