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Sidenor: 9M Reults

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The adverse global situation and the ongoing recession in the domestic economy and the eurozone’s economy have affected profit margins of the steel sector during the nine months ended September 30, 2011. Nonetheless, SIDENOR Group’s continued efforts to expand its activity both, by penetrating into new markets and enhancing its product mix with the addition of new high value added products have led to increased turnover. In specific, SIDENOR Group turnover for the nine months ended September 30, 2011 marked an increase of 23.3% and amounted to 905.2 mil. euro versus 734.4 mil. euro in the respective period of 2010. Consolidated earnings before interest, financial and investment results, taxes and depreciation (EBITDA) formed at 30.6 mil. euro versus 50.9 mil. euro in 9M 2010. Consolidated results before taxes of 9M 2011 formed at losses of 39.5 mil. euro versus losses of 7.5 mil. euro in 9M 2010. Finally, net consolidated results after taxes and minority rights formed at losses of 30.6 mil. euro (or losses of 0.3180 euro per share) versus losses of 8.0 mil. euro (or losses 0.0836 euro per share) in 9M 2010.
 
SIDENOR Group’s constant focus on the expansion into new markets, the enhancement of market share in existing markets and the launch of new high added value products, such as special steels, flat products, etc. in conjunction with the positive course of the Pipes sector contributed to the growth of both volume of sales and turnover of SIDENOR Group, as compared to the nine months ended September 30, 2010.
 
SIDENOR Group intensifies its efforts aiming at sustainable growth, at smoothing the adverse impact from the current crisis with the best possible working capital management and control of operating cost and finally at the capitalization of any opportunities that may arise in the existing and in new markets.
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