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Industry NewsThe current position: Homepage > News > Industry News

Swiss Steel Group reports decline in sales & revenue in H1 due to market challenges

Time:Mon, 19 Aug 2024 07:12:11 +0800

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Swiss Steel Group faced significant declines in sales volume and revenue in the first half of 2024, highlighting ongoing market difficulties. Sales volume dropped by 6.2% year on year to 572 kilotons, excluding the impact of the Ascometal subsidiary, largely due to weak market demand. This decrease led to a 20% reduction in revenue, which fell from EUR 1,622 million to EUR 1,300 million.

Despite these challenges, Swiss Steel Group's EBITDA improved to EUR 71.7 million, up from EUR 58.5 million the previous year, driven by strategic milestones and one-time effects. Additionally, the company successfully reduced its net debt by EUR 198 million, primarily due to a capital increase in April 2024. Looking ahead, Swiss Steel Group remains cautious, expecting subdued market conditions to continue throughout the second half of the year.
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