Klockner & Co Announces Best Operating Quarterly Result for Q2
Klockner & Co SE has continued its strong year and generated the best quarterly operating result since the IPO in 2006. Higher prices and increased demand led to very considerable sales growth of 57.8% to EUR 1.8 billion in Q2 2021 (Q2 2020: EUR1.2 billion). Driven by the positive steel price trend, extremely strict net working capital management and substantial effects from the Surtsey project, operating income before material special effects improved from EUR 11 million in the prior-year period to EUR 271 million. Net income was extremely strong at EUR 215 million (Q2 2020: net loss of EUR 111 million).
Klockner & Co SE CEO Mr Guido Kerkhoff said “Our improved operating lineup is delivering results. This allows us to benefit particularly strongly right now from the positive market environment. At the same time, we are systematically implementing our ‘Klockner & Co 2025: Leveraging Strengths’ strategy. With a new structure and improved setup in the EU as well as the pooling of our digital capabilities in kloeckner.i, we have set an important initial course to further consolidate and extend our excellent position, also in a changed market environment.”
Driven by the dynamic price trend combined with extremely strict inventory management and the effects from the Surtsey project, Klockner & Co is extremely optimistic regarding the remainder of the year. The Group thus expects a further very considerable increase in operating income before material special effects to between EUR 200 million and EUR 230 million in the third quarter and a record EUR 650 million to EUR 700 million in the full year.