Swiss-based special steel producer and distributor Schmolz+Bickenbach has announced its financial results for the first quarter of the current year.
In the first quarter, Schmolz+Bickenbach recorded a net loss of €11.3 million compared to a net loss of €12.5 million in the corresponding quarter of the previous year. In the first quarter, the company’s sales revenues decreased by 21.2 percent to €604 million, while its sales volume amounted to 461,000 mt, down by 4.6 percent, both on year-on-year basis.
According to Schmolz+Bickenbach’s statement, in the given quarter, sales and revenue development was below expectations in all regions and segments of the company. In the first quarter, the company’s sales volume of stainless steel declined by 1.9 percent year on year, while sales volumes for tool steel and engineering steel decreased by 3.7 percent and 5.4 percent respectively, both compared to the same quarter of 2015.
Schmolz+Bickenbach stated that it expects the market conditions throughout this year to continue to be challenging. The company expects sales volumes in the current year to be on a par with the previous year. In 2016, Schmolz+Bickenbach expects adjusted EBITDA of between €150 million and €190 million. According to the company, in the year-on-year comparison, the first half of the year will be weaker, whereas the second half of the year will be stronger. Meanwhile, the company’s investments will be around €100 million in the current year.