The introduction in the EU of CBAM and the new trade regime has stabilised and lifted steel prices, thereby improving the profitability of Poland’s stock market-listed steel distributors, Kallanish notes.
Demand and prices stabilised in the first half of 2026 following an earlier period of market correction, says distributor Bowim. Higher second-quarter prices on-year and the use of the first in first out (fifo) inventory method resulted in increased steel trading profitability, Stalprofil notes. Polish market participants also anticipate support from Poland’s local content scheme, which aims to raise domestic suppliers’ share in public infrastructure projects, it adds.
Bowim’s standalone first-half revenue fell 6% on-year to PLN 842.4 million ($228.2m) but the firm turned to a PLN 17.9m net profit versus a year-earlier loss of PLN 1.3m.
Stalprofil saw standalone H1 revenue rise 7% to PLN 579.1m and net profit balloon by 1,960% to PLN 10.2m.
Bowim however notes that “the market environment remains volatile, particularly in terms of energy costs, the pace of demand recovery in steel-consuming sectors, and geopolitical risks. In the company’s opinion, the gradual improvement in economic activity and the applicable regulations and trade conditions in the European Union may support the stabilisation of sales volumes and pricing conditions.”
Electrical steel and cold-formed sections producer Stalprodukt however had contrasting fortunes in H1. The firm has not yet published its preliminary results, but did specify that H1 electrical steel segment revenue dropped 36% compared to the average revenue for H1 2024 and 2025.
The decline is attributed to the “significant increase in sheet metal imports to Europe at prices notably deviating from European cost factors,” the firm notes. “The unfavourable cost factors that processors of steel, including transformer sheet, struggle with in international competition have deteriorated further. In the issuer’s opinion, this situation is the result of the conditions of carrying out production activities in the European Union.”
Author: Adam Smith
