Cronimet cites low metal pricing for sales decline

Cronimet Holding Group recorded 2.6 billion euros (nearly $3 billion) in sales in its 2024 fiscal year, which represents a decline by about 380 million euros, or 12.7 percent, compared with fiscal year 2023 sales.

Cronimet, a German stainless steel recycling firm, cites what the “weak economic situation, particularly in Europe, as well as the continuing high level of geopolitical uncertainty” as significant challenges for the family-owned company.

The firm also says 2024 featured a slightly lower sales volume attributed to lower material prices in 2024.

Nonetheless, Cronimet had a net income of 68 million euros ($77 million) in its 2024 fiscal year.

“Due to the aspects mentioned above, the result was 24 million euros lower than in the previous year,” the firm says.

“The market situation proved to be very difficult in the second half of 2024 in particular,” says Jürgen Pilarsky, CEO and majority shareholder of Cronimet Holding. “The low supply of materials due to the significant drop in production in Europe led to reduced margins in purchasing.

“We successfully overcame this situation thanks to our continued excellent partnerships and cooperation with our customers and suppliers as well as the commitment of our employees. The economic and geopolitical uncertainties have continued and sometimes intensified in 2025. It is therefore almost impossible to make a forecast for 2025 at the moment, but we expect to be able to close 2025 with a solid result thanks to cost savings and process optimization.”

Cronimet is a global specialist in stainless steel scrap and ferroalloys, operating with about 1,600 employees globally at 75 locations worldwide, including 10 in the United States.

“Despite the tightening conditions on the financial markets, we were able to extend our corporate financing once again in fall 2024 until September 2027," Cronimet Chief Financial Officer Bernhard Kunsmann says. "The resulting unchanged stable financial structure enables us to face the upcoming challenges of the next few years with confidence and also gives us the necessary leeway to take advantage of opportunities that arise, as we did with the acquisition of the Czech company Metallplast in the fourth quarter of 2024.”

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