Luxembourg-headquartered global stainless steel producer Aperam SA has announced its financial results for the first quarter of 2024.
In the first quarter, Aperam reported a net loss of €19 million, compared to a net profit of €132 million in the first quarter of the previous year. In the given quarter, the company’s sales revenues amounted to €1.65 billion, falling by 11.6 percent year on year and up by 6.8 compared to the previous quarter. Aperam’s EBITDA decreased by 56.7 percent year on year to €55 million.
In the given quarter, Aperam’s steel shipments rose by 8.1 percent quarter on quarter and were down by one percent year on year to 585,000 mt, due to seasonal factors.
The company’s EBITDA in the second quarter this year is expected to be higher compared to the first quarter. Timoteo Di Maulo, CEO of Aperam, commented, “The European manufacturing environment resembles 2020 but with a much longer duration. The first quarter marked the seventh consecutive recessionary quarter in the stainless steel industry.”