Odolo, Brescia-based Italian long steel producer Ferriera Valsabbia has announced its financial results for 2011, posting a 46.6 percent year-on-year increase in sales revenue, almost reaching €286 million. Meanwhile, the company's net profit for 2011 amounted to €470,000, compared to a net loss of €8.08 million in 2010.
Amid favourable currency exchange rates, Ferriera Valsabbia oriented its business towards the export markets in 2011, with exports accounting for a 41 percent share of its total sales, up from a 23 percent share in 2010. In particular, of the 190,000 mt of steel products sold abroad in 2011, 160,000 mt went to Algeria.
Last year Ferriera Valsabbia paid €10.5 million between amortization, depreciation and taxes and €7.2 million for capital investment. The second figure targeted environmental issues but also the creation of a Croatia-based subsidiary in order to start exports to this country.
Company CEO Ruggero Brunori stated that Ferriera Valsabbia has been working on a four-year industrial plan aimed at reshaping the structure of the steel company through the installation of a new electric arc furnace, adding that the new EAF-based plant is scheduled to start commercial production in September this year.