Brief: Swiss Steel Holding Q3 EBITDA Loss Narrows To EUR 21.1 Million

Swiss Steel Holding AG

11/11/2020 06:06

Nov 11 (Reuters) - SWISS STEEL HOLDING AG  STLN.S :
    * AT 332 KILOTONS, 18.0 % LESS STEEL WAS SOLD IN Q3 OF 2020
THAN
IN PRIOR-YEAR QUARTER (Q3 2019: 405 KILOTONS)
    * THIS FALL IS EVIDENCED IN ALL PRODUCT CATEGORIES, THOUGH
DECLINE
IN SALES VOLUME FOR QUALITY & ENGINEERING STEEL WAS GREATEST AT
19.8 %
    * Q3 EBITDA ADJUSTED FOR ONE-TIME EFFECTS, AT EUR -21.1
MILLION,
WAS LESS NEGATIVE THAN IN PRIOR-YEAR QUARTER DESPITE DECLINE IN
REVENUE (Q3 2019: EUR -32.9 MILLION)
    * EXPECTS AUTOMOTIVE TO CONTINUE TO RECOVER IN Q4 OF 2020,
NARROWING GAP TO PRIOR-YEAR LEVEL, WHILE RECOVERY WILL BE
SLUGGISH IN MECHANICAL AND PLANT ENGINEERING AS WELL AS ENERGY
SECTORS
    * FOCUS FOR Q4 OF 2020 WILL CONTINUE TO BE ON OPTIMIZING
LIQUIDITY
AND IMPLEMENTING TRANSFORMATION PROGRAM
    * Q3 REVENUE OF EUR 509.4 MILLION, DOWN 24.0 % ON PRIOR-YEAR
QUARTER
    * Q3 SALES VOLUMES ALSO DECREASED COMPARED WITH PRIOR-YEAR
QUARTER
IN TWO PRODUCT GROUPS OF STAINLESS STEEL AND TOOL STEEL, BUT
WITH LESS SEVERE DECLINES OF 13.9 % AND 12.5 % RESPECTIVELY

Source text for Eikon:  ID:nTENuppr0a 
Further company coverage:  STLN.S 

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