Turin-based Italian steel company Tuxor, which is active in the export of construction steel (rebar, mesh, beams, merchant bar, sheet piles) and tubular products, has announced its financial results for 2011.
In 2011, Tuxor recorded revenues of €50.35 million, down 8.52 percent compared to 2010, and a net profit of €0.45 million, 59.48 percent lower than the previous year. EBITDA amounted to €0.59 million, compared to €1.684 million in 2010.
In its report for 2011, the board of directors of Tuxor stated that 2011 "was the most difficult year in the last 50 years," but that "despite the momentous economic events that occurred in our country and the countries of the eurozone and in the rest of the world and especially in Arab countries," production in 2011 maintained decent levels. The company highlighted the lack of exports to some Arab countries because of the ‘Arab Spring'. "Foremost among these countries is Libya, where we were unable to maintain the €6.5 million turnover of 2010," the company's statement read. Tuxor predicted that "2012 in Italy will be even more negative than last year."