Turin-based Italian steel company Tuxor, which is active in the export of construction steel (rebar, mesh, beams, merchant bar, sheet piles) and tubular products, has announced its financial results for 2012.
In 2012, the company recorded a turnover of €57.38 million, compared to €49.97 million recorded in the previous year, and a net profit of €503,058 compared to €449,719 in 2011. EBITDA in 2012 amounted to €724,000 compared to EBITDA of €592,000 in 2011.
In its report for 2012, the board of directors of Tuxor stated, "2012, the worse year since the end of the Second World War, saw the peak of the crisis which has been ongoing for five years. The most alarming fact is the number of enterprises that give up and close down even without being in debt or without trying to reach an agreement with creditors.
"According to Tuxor's board "The [company's] profit would have been even higher but the company decided to take a cautious approach and to allocate €150,000 in loan-loss provisions.
"As stated by Tuxor, despite the positive financial results, in the last quarter of 2012 and in the first months of 2013, in line with the global trend, demand from construction and engineering sectors decreased in Italy and abroad. The situation is not expected to recover by the end of the year, but the company is determined to find new customers in developing markets and to strengthen relations with old customers.