Slovenia-based steelmaker Slovenian Steel Group (SIJ) has announced its financial results for the first half of this year.
In the given period, the company’s net profit amounted to €1.6 million, while its sales revenues dropped by 3.2 percent year on year to €582.1 million. Meanwhile, SIJ reported an EBITDA of €42.2 million, while its EBITDA margin came to 7.3 percent.
In the first half, the company produced 256,500 mt of steel, rising by 12.2 percent compared to the same period of 2023. However, even though its production increased, still high energy prices and buyers’ pressure on price in the face of lower demand resulted in a decrease in SIJ’s sales revenues.
“The European steel market is currently facing a further cooling and weak demand. It is also driven by high energy prices, inflation, general economic uncertainty and geopolitical tensions. All this worsens the situation in the sectors that use steel. In the given circumstances, when European competitors are already shutting down their production facilities, the SIJ Group’s focus on niche steel markets has once again proven to be positive,” Igor Malevanov, vice president and CEO of SIJ Group, stated.