SIDENOR Group turnover in the nine months ended September 30, 2010 amounted to 734 mil. euro versus 748 mil. euro in the nine months ended September 30, 2009, posting a 1.8% decrease. Consolidated EBITDA posted significant increase by 288% and stood at 51 mil. euro versus 13 mil. euro in 9M 2009. It should be highlighted that EBITDA margin amounts to 6.9% of the consolidated turnover versus 1.8% in 9M 2009. Operating cost was substantially reduced as operating expenses amounted to 77 mil. euro versus 94 mil. euro in 9M 2009, thus marking an 18% reduction. In specific, consolidated results before taxes in 9M 2010 marked substantial improvement and amounted to losses of 7.5 mil. euro versus losses of 47.8 mil. euro in 9M 2009. Likewise, net consolidated results after taxes amounted to losses of 7.6 mil. euro (or 0.084 euro losses per share) versus losses of 45.3 mil. euro (or 0.437 euro losses per share) in 9M 2009, while net consolidated results after taxes and minorities amounted to losses of 8 mil. euro versus losses of 42 mil. euro in 9M 2009. Moreover, the net after tax results were also burdened by the extraordinary one-off contribution as per article 5 of law 3845/2010 by the amount of 2.4 mil. euro.
Following a rally in the second quarter, international metal prices showed a stabilisation during the last quarter. Management?s strategic decisions to seek geographic expansion into new markets such as N. Africa and SE Mediterranean, to contain operating cost and enhance liquidity, along with focusing on high value-added products, such as special steels and plates (that are addressed to W.Europe and mainly to the German market) have offset to a great extent the adverse impact of the financial crisis and the recession of the Greek economy.
Moreover, CORINTH PIPEWORKS is expected to contribute substantial benefits to the Group following the signing of 4 new contacts of a total value of 120 mil. euro with companies in the USA, Great Britain, Yemen and Canada. The aforementioned projects are expected to be executed within 2011 and the first half of 2012.
SIDENOR Group main concern is the ongoing improvement of productivity and efficiency of its production plants, the continuous seeking of new opportunities and new market globally in order to absorb the shock of the financial crisis and minimize any impact on the Group's continuous development.
The Data and Information of the period 1.1.2010 ? 30.9.2010 will be published on the November 25th, 2010 edition of the newspaper ?KATHIMERINI? and together with the interim Financial Statements of the same period, will be posted on the company?s website, www.sidenor.gr , as well as on the ATHEX website www.athex.gr.