Greek steel producer Sidenor Group has announced its financial results for the first quarter of the current year, reporting a net loss of €10.4 million, compared to a net loss of €12.7 million in the same quarter of the previous year. The company's sales revenues amounted to €220.1 million, up 14 percent, while its EBITDA increased by 87.6 percent to €7.8 million, both year on year.
Sidenor stated that the first quarter was characterized by a further decline in the steel market in Greece. The most important factors that contributed to this drop are the slowing down in the execution of local infrastructure projects, lack of liquidity in the market, lower international scrap prices, as well as the uncertainty that prevails in Greece due to the ongoing negotiations regarding the funding program for the Greek economy.
For 2015, the outlook is positive, due to the export orientation of Sidenor, which is further enhanced by the weakening of the euro-US dollar exchange rate, and the investments in production plants realized during recent years.