SIDENOR Group turnover increased by 37% amounting to 381 mil. euro for Q1 of 2007. Profit before tax (PBT) was formed at 52.6 mil. euro increased by 150% over the respective period of 2006, while profit before interest, taxes, depreciation & amortization (EBITDA) reached 71.5 mil. euro, marking an increase of 80%. Finally, consolidated net after-tax and minorities profit was formed at 35.5 mil. euro over 12 mil. euro (increase of 196%), or 0.370 euro per share. As far as the parent company is concerned, SIDENOR S.A. net after-tax profit stood at 10.7 mil. euro (or 0.111 euro per share) over 3.2 mil. euro in the corresponding period of 2006.
On one hand, this significant boost in the turnover and the profitability is attributed to the increase in sales volume and average sales price, which resulted from
- the intense demand internationally for steel products, which is attributed to the mild winter all over Europe resulting to sustained high levels of construction activity,
- the rise of scrap prices internationally resulting to the increase in sales prices,
- the further strenghtening of SIDENOR sales in both the Greek and the Balkan markets, specifically in the brand-name armed SD steel products,
- the solid market awareness of STOMANA INDUSTRY heavy plates products in the EU countries where it is active, as well as to the prosperous international environment which allows for further growth in prices. Moreover, there has been a substantial reinforcement of the production and sale of value-added heavy plate products and of special steels.and on the other hand it is attributed to
- the increase in the profitability of its subsidiary, CORINTH PIPEWORKS, resulting form the rise in the demand of top quality steel pipe products in the global energy markets, as well as in the improvement of its production efficiency and operating cost,
- and finally to the ongoing improvement of productivity resulting from the investments already carried out, as well as from the increase in the production capacity of all SIDENOR Group''s plants.