Sweden-based BE Group, a trading and service company for steel and other metals in Europe, has issued its financial results for the first quarter of 2010, stating that in general prices from the steel mills began to rise in March, continuing into the second quarter.
According to the financial results, the operating loss of the company was SEK 28 million ($3.8 million) in the first quarter of 2010, compared with an operating loss of SEK 73 million in the first quarter of 2009. Sales revenues in the first quarter of 2010 decreased by 18 percent year on year from SEK 1.07 billion ($146.2 million) to SEK 1.31 billion.
BE Group's president and CEO Lars Bergström commented, "During the latter part of the first quarter, the steel producers indicated that their prices would rise as a consequence of higher prices for raw materials. In general, prices from the steel mills began to rise in March and the increase has continued into the second quarter."
The company said that price hikes in steel and increased demand in the second quarter will have a positive impact on BE Group's results.