Switzerland-based steelmaker Swiss Steel Group has announced its financial and operational results for the first half of this year.
In the given period, the company reported a lower net loss of €4.1 million, compared to a net loss of €30 million in the same period of the previous year, while its sales revenues totaled €1.62 billion, down by 20.0 percent year on year, due to lower sales volume. Moreover, Swiss Steel’s adjusted EBITDA amounted to €71.7 million, rising by 22.6 percent on year-on-year basis.
In the first half, the company’s crude steel production excluding Ascometal increased by 3.5 percent year on year to 765,000 mt, while its sales volume excluding Ascometal came to 572,000 mt, down from 610,000 mt recorded in the same period last year, due to depressed market demand.
According to the statement, Swiss Steel foresees that the second half will remain volatile and restrained. It will focus on capturing the potential of the green steel market and positioning itself to participate effectively in markets once a recovery becomes imminent.
