ΣΙΔΕΝΟΡ ΕΤΑΙΡΙΑ ΣΥΜΜΕΤΟΧΩΝ ΑΝΩΝΥΜΗ ΕΤΑΙΡΙΑ
Presentation at the association of Greek institutional investors
On Wednesday May 13, 2009 SIDENOR's annual corporate presentation took place at the Association of Greek Institutional Investors, during which the Group's annual 2008 results, as well as the most important developments along with the production activity, the Group's structure and its prospects were presented.
The main focus of the presentation has been the Group's extrovert nature, which has established SIDENOR Group today as one of the most significant steel producers providing the greater area of SE Europe with high value added steel products and services. With its solid growth course, granted by the ongoing investments which have surpassed ? 607 mil. since 1998, SIDENOR Group constantly develops in the four major areas of activity namely the Steel sector, the Pipes sector, the Downstream Operations sector and the Sales and Distribution sector. Special emphasis was given to the investment of the new Rolling mill of subsidiary STOMANA INDUSTRY in Bulgaria, via which the Group has substantially expanded its production capacity of its long products.
In 2008, the global financial crisis and its consequences inevitably affected SIDENOR Group's activity and results. Especially at the end of 2008, the Group results have been adversely affected by the unexpected negative financial environment, which also affected all industry peers and most sectors of the world economy, via the sluggish construction activity due to the cutbacks of investments in the construction sector and the dropping metal prices globally. It was also mentioned that during the fourth quarter of 2008 SIDENOR Group proceeded to a considerable decrease of its debt by a total of 139 mil., as a result of the drop of steel prices combined with effective working capital management.
Regarding the Group's activity in the broader South East European region, the prospects remain positive, in view of the needs for development and further modernization of these economies given the fact that the slowdown of growth and investments in this region is solely due to the rigid and stringent credit policy adopted by the financial institutions, combined with the substantial reduction of financing of the projects' development in the area.
As far as the Pipes' sector is concerned, the decrease of CORINTH PIPEWORKS' operating profitability is mainly attributed to the Euro appreciation versus the US Dollar, especially during the first half of 2008, and on the other hand to the lower utilization rates of the ERW/HFI plant, during the same period, due to delays of launching of several large projects in the Middle East.
SIDENOR Group, in order to ensure and enhance its current position both in the Greek, as well as in the SE European markets and in support of its expectations, constantly and reliably applies its policy for cost reduction, productivity improvement and streamlining of its inventory management, as well for its working capital requirements, taking always into account the prevailing conditions in the domestic and international markets.
The main focus of the presentation has been the Group's extrovert nature, which has established SIDENOR Group today as one of the most significant steel producers providing the greater area of SE Europe with high value added steel products and services. With its solid growth course, granted by the ongoing investments which have surpassed ? 607 mil. since 1998, SIDENOR Group constantly develops in the four major areas of activity namely the Steel sector, the Pipes sector, the Downstream Operations sector and the Sales and Distribution sector. Special emphasis was given to the investment of the new Rolling mill of subsidiary STOMANA INDUSTRY in Bulgaria, via which the Group has substantially expanded its production capacity of its long products.
In 2008, the global financial crisis and its consequences inevitably affected SIDENOR Group's activity and results. Especially at the end of 2008, the Group results have been adversely affected by the unexpected negative financial environment, which also affected all industry peers and most sectors of the world economy, via the sluggish construction activity due to the cutbacks of investments in the construction sector and the dropping metal prices globally. It was also mentioned that during the fourth quarter of 2008 SIDENOR Group proceeded to a considerable decrease of its debt by a total of 139 mil., as a result of the drop of steel prices combined with effective working capital management.
Regarding the Group's activity in the broader South East European region, the prospects remain positive, in view of the needs for development and further modernization of these economies given the fact that the slowdown of growth and investments in this region is solely due to the rigid and stringent credit policy adopted by the financial institutions, combined with the substantial reduction of financing of the projects' development in the area.
As far as the Pipes' sector is concerned, the decrease of CORINTH PIPEWORKS' operating profitability is mainly attributed to the Euro appreciation versus the US Dollar, especially during the first half of 2008, and on the other hand to the lower utilization rates of the ERW/HFI plant, during the same period, due to delays of launching of several large projects in the Middle East.
SIDENOR Group, in order to ensure and enhance its current position both in the Greek, as well as in the SE European markets and in support of its expectations, constantly and reliably applies its policy for cost reduction, productivity improvement and streamlining of its inventory management, as well for its working capital requirements, taking always into account the prevailing conditions in the domestic and international markets.