Switzerland-based steelmaker Swiss Steel Group has announced its financial and operational results for the first half of 2023.
In the given period, the company’s sales revenues totaled €1.85 billion, down by 13.4 percent, due to lower demand despite ongoing high sales prices, while its adjusted EBITDA was at €70 million, decreasing by 59.1 percent, both year on year.
In the first half, Swiss Steel’s sales volume totaled 756,000 mt, down from 937,000 mt in the given period last year.
According to the statement, the company foresees that volatility in the market will persist. Despite the challenging environment economically and politically, Swiss Steel expects to maintain its full year guidance of an adjusted EBITDA in a range of €160-200 million.