Swiss-based special steel producer and distributor Schmolz+Bickenbach has announced its financial results for the first quarter of the current year.
In the first quarter, Schmolz+Bickenbach recorded a net profit of €59 million compared to a net profit of €16.5 million in the corresponding quarter of the previous year. In the first quarter, the company’s sales revenues increased by 17.1 percent to €828.9 million, thanks to slightly higher selling prices and sharply increased volumes, while its sales volume amounted to 545,000 mt, up 11.5 percent, both on year-on-year basis.
Schmolz+Bickenbach stated that it expects the specialty long steel industry to continue to grow in the current year, both in terms of sales volumes and product value, as it expects a further shift towards more demanding production and steel applications.