Klöckner & Co., Germany-based steel and non-ferrous metals producer and distributor has announced its interim financial results for the second quarter and the first half of this year.
Accordingly, in the second quarter of this year, the company registered a net income of €12 million, down by 90.8 percent, while its sales revenue came to €1.97 billion, declining by 23.8 percent, both on year-on-year basis. On the other hand, the company’s EDITDA was €62 million compared to €222 million in the same quarter of last year.
Meanwhile, in the first half of the year, the company recorded a net income of €4 million, compared to €323 million in the same period last year, while its sales revenue amounted to €4 billion down by 20.0 percent from €5.0 billion recorded in the same period last year. In addition, Klöckner’s EBITDA declined to €131 million from €423 million in the first half of 2022.
Klöckner & Co. expects that demand will recover gradually in the remainder of this year. It still estimates that, due to a significant price correction in the second quarter, sales will show a small decline in the full year. The company also expects its EBITDA in the range of €40-80 million in the third quarter and €220-280 million in the full year.