Sidenor Group (Sidenor), the largest Greek steel producer, has released its financial report for the second quarter and the first half of 2009.
As per its report, during the first half of 2009 the group's turnover declined by 37 percent to €542 million, compared to €858 million in the same period last year. This drop is attributed by Sidenor both to the decrease of demand and of sales prices. Meanwhile, the company's consolidated results before tax amounted to losses of €43.5 million against profits of €123.9 million in the same period last year, while its consolidated EBITDA amounted to losses of €0.6 million as against profits of €164.8 million in the first half of 2008. Siderar's consolidated net results after tax and minority rights amounted to losses of €38.2 million against profits of €77.8 million in the first half of last year.
With regard to the second quarter, Siderar said in its report, "During the second quarter of 2009, the adverse environment and the negative impact of the global recession persisted, as is evident by the results of nearly all companies of the metal industry globally and especially of the southeastern Mediterranean region, their main characteristics being the sluggish activity and the reduction of profitability."