In the first nine months of this year, the turnover of Greece's largest steelmaker Sidenor Group (Sidenor) decreased by 1.8 percent year on year to €734 million, while its net consolidated results after taxes amounted to losses of €7.6 million versus losses of €45.3 million in the first nine months of 2009.
Sidenor noted that, following a rally in the second quarter, international steel prices showed stabilization during the third quarter. "Management's strategic decisions to seek geographic expansion into new markets such as North Africa and the southeast Mediterranean, to contain operating costs and enhance liquidity, along with focusing on high value-added products, such as special steels and plates (that are addressed to western Europe and mainly to the German market) have offset to a great extent the adverse impact of the financial crisis and the recession of the Greek economy," said the company in its statement.
In addition, Sidenor stated that its subsidiary Corinth Pipeworks is expected to contribute substantial profits to the group following the signing of four new contacts of a total value of €120 million with companies in the US, Great Britain, Yemen and Canada. The aforementioned projects are expected to be executed within 2011 and the first half of 2012.