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Swiss Steel reports a 33% revenue in Q2 2022

Swiss Steel Group has reported a revenue of EUR 1,116M for Q2 2022, compared with EUR 839M in the prior-year quarter. This constitutes an increase of 33%. The sales volume decreased by −12% to 457 kilotons, from 518 kilotons in Q2 2021. Net debt amounted to EUR 936.3M, an increase of EUR 129.1M from EUR 720.5M recorded at the end of 2021. At 457 kilotons, −11.8% less steel was sold in Q2 2022 compared with the same quarter of the previous year (518 kilotons). This is attributable to a −7.9% decrease in the sales volume for quality and engineering steel and a −33.0% decline in the sales volume for stainless steel. The tool steel sales volume increased by 2.9% quarter over quarter.

The average sales price per ton of steel was EUR 2,442 in Q2 2022 and therefore considerably higher than in the same quarter of the previous year, when it stood at EUR 1,621 per ton.

Due to these higher average sales prices, revenue in Q2 2022 increased by 33.0% to EUR 1,115.8M compared to the same quarter in the previous year. The increase in revenue was spread across all product groups.