Germany’s Klöckner sees lower net income in 2022, expects lower prices in 2023

Monday, 13 March 2023 12:15:34 (GMT+3)   |   Istanbul
       

Klöckner & Co., Germany-based producer and distributor of steel and non-ferrous metals, has announced its financial results for 2022.

Accordingly, the company posted a net income of €259 million, down by 58.8 percent, while its sales revenue totaled 9.38 billion, up by 26 percent due to higher average price levels, both year on year. Last year, Klöckner’s EBITDA was €417 million, compared to €848 million in 2021.

Klöckner has expanded its range of sustainable products and services in the past year. The company brought together its carbon-reduced products and services under the Nexigen® brand launched in 2022.

Although the economic environment remains challenging, the company expects that the global steel market will increasingly normalize this year. A stronger demand trend in the company’s key European and US markets is thus expected to bring a considerable increase in shipments compared to 2022. Despite the rise in steel prices at the beginning of 2023, Klöckner expects a lower price level overall compared to 2022 and correspondingly lower sales.


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