Klöckner & Co., Germany-based steel and non-ferrous metals producer and distributor, has announced its interim financial results for the first quarter this year.
Accordingly, in the first quarter this year, the company registered a net loss of €32 million, compared to a net loss of €8 million in the same period last year, while its sales revenue came to €1.74 billion, declining by 5.6 percent due to price movements, both on year-on-year basis. On the other hand, the company’s EBITDA was €37 million compared to €70 million in the same quarter last year.
“We achieved a solid result at the beginning of the year and reached an important milestone when we completed the sale of parts of our European distribution business. We can now focus our resources on the profitable high-growth business operations in Europe and North America and continue to expand our position in these key markets,” Guido Kerkhoff, CEO of Klöckner & Co, stated.
Klöckner & Co. said it expects that its shipments and sales will record considerable growth in the second quarter of the year. The company also expects EBITDA in the range of €30-70 million in the same quarter and positive cash flow in the first half of 2024.