The world's largest independent steel trader, London-based Stemcor, has issued its full year audited results for 2008.
Accordingly, in 2008 Stemcor posted the second best yearly results in the company's history despite the global economic crisis.
During the year in question, the company's turnover increased by 49 percent to £6.3 million (approx. $9.3 million), and its operating profit increased by four percent to £96 million (approx. $142 million), both compared to the company's 2007 results. However, Stemcor's pre-tax profit in 2008 decreased by 21 percent to £52 million (approx. $77 million).
In 2008, the company handled 9.4 million mt of steel, down by three percent compared to the steel tonnage handled in the previous year. Also, raw materials handled in 2008 were up by five percent year on year to 11.0 million mt.