Low steel prices continue to cause problems for Klockner

DUISBURG (dpa-AFX) - Steel trader Klockner & Co continued to feel the effects of the unfavorable price environment in the second quarter. Adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) melted down by around 72 percent year-on-year to 63 million euros, the company announced on Wednesday. Klockner thus just caught its own forecast range of 60 to 110 million euros. Sales fell by just under a quarter to 1.97 billion euros. Below the line, the group earned 12 million euros after 151 million in the same period last year.

In the third quarter, Klockner aims to achieve adjusted operating earnings in the range of 40 to 80 million euros. For the full year, the Group has set its target range at 220 to 280 million euros. Previously, there had only been talk of a significant decline from 417 million euros. Experts surveyed by Bloomberg have so far put operating profit at an average of 256 million euros for the current year./jcf/zb