Finland-based steelmaker Ruukki has issued its financial results for the first quarter of the current year, reporting an operating loss due to the slowdown in China.
In January-March, the company posted an operating loss of €15 million, compared to an operating profit of €25 million in the first quarter of the previous year. Net sales revenues in the first quarter increased 3.5 percent to €699 million, compared to the corresponding quarter of 2011.
According to Ruukki's statement, order intake was €686 million in the first quarter, up two percent year on year.
Ruukki Metals' steel output decreased by 6.8 percent year on year in the first quarter to 601,000 mt. The company also stated that the modernization of the blast furnaces at the Raahe Steel Works in Finland was completed in 2011.
Ruukki expects average selling prices of steel products to increase moderately based on the market outlook. However, the European debt crisis is continuing to cause uncertainty in the market development of the steel business.