Kloeckner & Co (KKO), a German trader of steel, part of which belongs to the KNAUF family, incurred losses last year as a result of a protracted economic crisis in Europe. The company said today that the net loss in 2012 amounted to 198 million euros ($ 259 million). Profit without paying interest, taxes, depreciation and including restructuring expenses fell to 62 million euros from 217 million euros.
A similar situation remains in 2013. A decrease in the volume of demand for steel from the automotive and construction industries in Europe and increased competition from China restrains the price level. Manufacturers had to deal with excess capacity. Arcelormittal (MT), the largest steel company, last month recorded the lowest profit for three years.
Kloeckner said they would be forced to resort to a restructuring program, which includes the liquidation of more than 1800 jobs, which is 16 percent of the common workforce. In the context of a sharp drop in demand for steel in Europe, Kloeckner considers itself obligated to intensify his restructuring program in a timely manner. The chief executive director Gisbert Ryul said that more than two -thirds of the intended measures have already been implemented.
Kloeckner communicates about the loss and reduction of demand for steel
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Azovpromstal® 7 March 2013 г. 08:28 |
