On February 9, Sweden-based Höganäs AB, the world's leading producer of iron and metal powders mostly used in the automotive, home appliance, water and exhaust treatment sectors, issued its financial results for 2009.
The net profit of the company was SEK 206 million ($27.9 million) in 2009, recording a dramatic fall of 48 percent compared with a net profit of SEK 394 million in 2008. Net sales revenues in 2009 saw a decrease of 25 percent, dropping from SEK 6.1 billion in the previous year to SEK 4.6 billion ($622.6 million).
Commenting on the results, CEO Alrik Danielsson said, "Sales volumes in China and India were the highest ever. However, the demand situation going into 2010 remains uncertain. Accordingly, the group has maintained a sharp focus on costs and cash flow. Meanwhile, we are making major initiatives in research and development."