Swiss-based special steel producer and distributor Schmolz+Bickenbach has announced its financial results for the second quarter and the first half of the current year.
In the second quarter, Schmolz+Bickenbach recorded a net profit of €37.1 million, compared to a net profit of €10 million recorded in the corresponding quarter of the previous year. In the second quarter, the company’s sales revenues increased by 29.8 percent to €908.3 million, thanks to a further increase in sales prices and volumes, while its sales volume amounted to 580,000 mt, up 23.4 percent, both on year-on-year basis.
Meanwhile, in the first half of the current year, the company registered a net profit of €96.1 million, compared to the net profit of €26.5 million in the first half of the previous year. The company's sales revenues amounted to €1.73 billion, rising by 23.4 percent year on year, with the sales volume increasing 17.3 percent year on year to 1.12 million mt.
The company stated that it expects the specialty long steel industry to continue to grow in 2018, both in terms of sales volumes and product value, as it expects a further shift towards more demanding production and steel applications.
Meanwhile, Schmolz+Bickenbach has raised its full-year outlook to an adjusted EBITDA between €230-250 million (from the previous €200-230 million).