Finland-based steelmaker Ruukki has issued its financial results for the third quarter and the first nine months of 2013, reporting an operating profit of €10 million in the third quarter, compared to an operating loss of 15 million in the corresponding quarter of the previous year. Net sales revenues in the given quarter amounted to €592 million, decreasing by 5.1 percent year on year. The company's order intake decreased by 11 percent to €568 million in the given period, compared to the third quarter of the previous year.
During the first nine months of 2013, Ruuki registered an operating profit of €31 million, compared to an operating loss of €16 million in the corresponding period of the previous year. In the given period, the company's sales revenues amounted to €1.81 billion, down 7.6 percent year on year, while the order intake decreased by 9.03 percent year on year to €1.8 billion.
According to Ruukki, confidence in economic growth improved during the third quarter as several forward-looking economic indicators progressed. Also during the second quarter, GDP showed very modest growth in Europe. It seems as if demand has now been corrected to a new sustainable level. However, recovery is expected to be modest and economic growth is forecast to be around one percent in 2014. Concerning Ruukki's most important markets, Germany, Sweden, Norway and Russia are expected to show better development than other markets. The situation in Finland continues to give particular cause for concern and it is hard to see any turn for the better in the near future.
Ruukki expects net sales in 2013 to be approximately €2.5 billion, while the operating profit is expected to improve compared to 2012 and to be positive.
