Klöckner & Co. reported an 11.5% increase in metal shipments in the second quarter compared to the first quarter, reaching 1.2 million metric tons. However, low steel prices negatively impacted sales. The company's first-half sales declined by 2.6% to €3.5 billion. EBITDA also decreased by 37% to €83 million. Klöckner expects its full-year EBITDA to fall to €120 million in 2024, down from €180 million in 2023.
Klöckner acknowledges that demand is weaker than expected in 2024, particularly in Europe. While the company anticipates the Amerinox acquisition will contribute to a slight increase in shipments for the full year 2024, it expects year-over-year sales to decline due to low steel prices.
CEO Guido Kerkhoff stated, "Despite a challenging environment, we achieved a solid result and made further progress in implementing our strategy." He added, "With the acquisition of Amerinox Processing in North America, we have further expanded our range of higher-value products and services."
Klöckner plans to utilize Amerinox's strategic location in Camden to establish competitive, global supply chains. The company also announced that it divested part of its European distribution business in March 2024.
Klöckner & Co. is witnessing the positive effects of the Amerinox acquisition, but low steel prices are cutting into profit margins. The steel industry is facing a challenging period, and Klöckner says it will develop strategies to navigate these difficulties in the future.
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