Cronimet reports increased profitability

Stainless steel scrap, ferroalloys and primary metals company Cronimet Holding Group, headquartered in Karlsruhe, Germany, says it increased sales by approximately 8 percent in the first half of 2018 to 1.3 billion euros compared with the first half of 2017. The tonnage the company delivered to customers increased by roughly 2 percent for the period. This led to some significant improvements in key financial figures compared with the corresponding figures for the previous year, the company says, particularly operating income increased by almost 4 percent to 30.5 million euros.

For the 2018 financial year as a whole, the company says its management is confident earnings will exceed the budgeted figure and the previous year’s. However, Cronimet’s earnings could be affected by the possible introduction of additional customs duties and the further escalation of existing customs duties.

“Irrespective of this, the Cronimet Group believes that it is excellently positioned in the economic zones of Europe and the USA, so that with the support of the existing subsidiaries in Asia the impact should remain manageable from today's perspective,” the company says in a news release announcing its financial results.

CEO and shareholder Jürgen Pilarsky says, "We are very proud that we were able to continue the positive earnings momentum from 2017 in 2018 without restraint. This has improved and will further improve our capital strength, enabling us to increase our business volume for the benefit of our customers and suppliers even further.”