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Swiss Steel Group reported sales decrease in the first half of 2024

Swiss Steel Group announced significant decreases in sales volumes and revenues in the first half of 2024.

Swiss Steel Group reported sales decrease in the first half of 2024

The company achieved sales volume figures of 572 kilotons, a yearly decrease of 6.2%. This decrease is largely attributed to weak market demand and is more pronounced when the effects of the Ascometal subsidiary are excluded. The company's revenues decreased by 20% from EUR 1,622 million to EUR 1,300 million.

Despite the unfavorable market conditions, the company's Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) showed a remarkable increase. EBITDA increased from EUR 58.5 million last year to EUR 71.7 million this year. This positive development is attributable to the strategic steps implemented by the Swiss Steel Group and one-off effects. In addition, the capital increase carried out in April 2024 led to a reduction in net debt of EUR 198 million.

For the coming period, the company does not foresee an improvement in market conditions and expects the current economic recession to continue. Therefore, Swiss Steel Group will continue to take a careful and cautious approach to its future strategic and financial management.

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