Finland-based steelmaker Ruukki has issued its financial results for 2011, reporting an increase in its operating profit.
In 2011, the operating profit of the company increased to €56 million, up 47.3 year on year. Net sales revenues in the given period increased 16 percent to €2.7 billion, compared to the previous year.
In the fourth quarter alone, Ruukki recorded an operating loss of €40 million, compared with a loss of €5 million in the same period of 2010. Net sales revenues in the fourth quarter increased to €718 million, up 12 percent compared to the same quarter of the previous year.
According to Ruukki's statement, order intake was €651 million in the fourth quarter and €2.6 billion in the full year of 2011, up one percent and 15 percent year on year respectively.
Ruukki Metals posted a slight decrease in steel output for 2011 due to low capacity utilization rates as a result of the modernization works at blast furnace No. 2 at Raahe Steel Works.
Ruukki expects its steel service center sales to maintain current levels. Average selling prices of steel products are expected to rise moderately in early 2012. However, the European debt crisis causes uncertainty in the market.