Distribution group Klöckner & Co expects a significantly stronger-than-forecast second-quarter profit, on the basis of further considerable steel price increases, Kallanish learns from an ad-hoc release.
Against this background, the company says it now expects an operating profit – Ebitda – before material special effects of €260-290 million ($317-353m), contrary to the previous expectation of €130-160m.
The announcement echoes a similar ad-hoc release from February, which announced a bigger-than-forecast Q1 profit even earlier during the still ongoing quarter.
Germany-based Klöckner & Co is the largest steel distribution group with activities on both sides of the Atlantic, in Europe and in the USA. It notes that price increases on both markets are contributing to the profitable performance.
Christian Koehl Germany
