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Price increase has a positive impact on Stalprodukt electrical steel earnings

Stalprodukt maintains its forecast for a correction in electrical steel sheet prices in the first half of 2023 from the high base in 2022.

Price increase has a positive impact on Stalprodukt electrical steel earnings

Earnings at Stalprodukt's electrical steel division improved in the first quarter compared to the same period last year on the back of higher prices, while tonnages shipped were unchanged.

Divisional revenue increased by 10 per cent y-o-y to PLN 438.3 million ($103.8 million), while divisional profit increased by 9 per cent to PLN 109.7 million.

The company's profile division reported a 34% decrease in shipments, without providing tonnage information. This was due to a significant decrease in demand and prices for these products.

The division's revenue decreased by 40% to PLN 191.3 million, resulting in a loss of PLN 16 million compared to a profit of PLN 15.9 million a year earlier.

The company's consolidated revenue in the first quarter, including the zinc division, decreased by 12% y-o-y to PLN 1.298 billion, while net profit decreased by 23% to PLN 116.4 million.

In full-year 2022, Stalprodukt's sales of electrical steel sheet decreased by 0.5% y-o-y to 118,815 tonnes. Sales of cold-formed profiles and tubes decreased by 10% to 137,876 tonnes.

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