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The Aperam steel manufacturer, majority owned by the Mittal family, increased its net profit by 5.3% to 80 million euros in the second quarter.
Aperam
sees its net profit increase by 5.3% to 80 million euros in the second quarter of 2018, the manufacturer announced on Tuesday underlining the "solid demand" in Europe and in Brazil
sales reached 1.2 billion euros at the end of June, an increase of 5.8%, supported by the growth of the stainless steel division and electrical steels accounting for more than 80% of turnover.
The net profit and turnover are below the consensus of badysts established by Factset, but Ebitda ( + 2.6% on a year to 150 million euros ) is in line with expectations.
For the first half of the year, net profit increased slightly to 165 million euros (compared to 164 million euros a year ago).
For Timoteo Di Maulo, CEO of Aperam, "the group has improved its operating performance over the past quarter thanks to solid demand in the European and Brazilian markets" and a "robust management model"
Forecast
Regarding the outlook, the group expects a decline in Ebitda in the third quarter following the seasonal slowdown traditional in Europe
Timoteo Di Maulo is "confident about the fundamentals of the stainless steel market " despite high imports into Europe. The director is banking on the recovery of the Brazilian market and on the positive impact of "strategic initiatives" of the group.
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