Swiss Steel Group Reports Increases Profitability in Q2 of 2021
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Swiss Steel Group Reports Increases Profitability in Q2 of 2021

Swiss Steel Group announced that adjusted EBITDA in Q2 2021 jumped to EUR 65.4 million as compared with minus EUR 45.8 million

Swiss Steel Group announced that adjusted EBITDA in Q2 2021 jumped to EUR 65.4 million as compared with minus EUR 45.8 million in Q2 2020. Sales volume in Q2 2021 of 518 kilotons up by 72.1 % compared with Q2 2020 of 301 kilotons due to steady demand from the automotive industry as well as mechanical and plant engineering. Order backlog in Q2 2021 is 650 kilotons, significantly higher than in Q2 2020 by 113.8 %. Average sales price per ton in EUR 1,561.1 in Q2 2020 rises to EUR 1,621.0 in Q2 2021, significantly higher than in Q1 2021 at EUR 1,475.8

Swiss Steel Group CEO Mr Frank Koch said “In line with the execution of our transformation program, where we are making good progress, and the post COVID-19 market recovery, which continued in the second quarter of 2021, our financial performance has improved significantly. Our outlook for the year 2021 confirms a continuing trend of post COVID-19 recovery in our main end markets automotive, mechanical and plant engineering as well as energy. However, the overall economic environment is still fragile. In the automotive industry, the semiconductor supply shortage is persisting, thereby affecting the order volumes of our customers. Additionally, the supply situation on the raw material markets remains volatile. In particular on the scrap market we see a continuing trend of price increases combined with supply shortages. Finally, the COVID-19 infection rates are currently rising in most parts of the world potentially leading to a new wave of restrictions and shutdown measures. Under the assumption that our end markets remain stable and taking into consideration the seasonal effects of the third and fourth quarter, we expect to achieve adjusted EBITDA in the range of EUR 150 to EUR 180 million.”

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