european steel sector: an analysis of the profitability of the...

European steel sector:

an analysis of the profitability of the industryStefano Ferrari, editor in chief, Siderweb

Bilanci d’acciaio

Kick-off: 2009

> 2,500 financial reports

Steel producers

Steel distributors

Scrap collectors

End-users sectors

Cluster comparison

International comparison

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Bilanci d’Acciaio – European steel producers (109)

TATA STEEL NEDERLAND B.V., ARCELORMITTAL ATLANTIQUE ET LORRAINE, ARCELOR MITTAL BELGIUM, VOESTALPINE STAHL GMBH, SCHMOLZ+BICKENBACH

AG, HÜTTENWERKE KRUPP MANNESMANN, GESELLSCHAFT MIT BESCHRÄNKTER HAFTUNG, ARCELORMITTAL ESPAÑA, SA, U. S. STEEL KOŠICE, S.R.O., APERAM

STAINLESS BELGIUM, ARCELORMITTAL MEDITERRANEE, VALLOUREC DEUTSCHLAND GMBH, ARCELORMITTAL OSTRAVA, A.S., TŘINECKÉ ŽELEZÁRNY, A. S.,

ROGESA ROHEISENGESELL- SCHAFT SAAR MBH, DEUTSCHE EDELSTAHLWERKE GMBH, ARCELORMITTAL EISENHÜTTENSTADT GMBH, ACERINOX EUROPA SAU,

VALLOUREC TUBES FRANCE, BADISCHE STAHLWERKE GMBH, OUTOKUMPU STAINLESS AB, ARCELORMITTAL GALAŢI SA, AUBERT & DUVAL, APERAM STAINLESS

FRANCE, LECH-STAHLWERKE GMBH, MANNESMANNRÖHREN-WERKE GMBH, CELSA MANUFACTURING (UK) LIMITED, APERAM ALLOYS IMPHY, INDUSTEEL

BELGIUM, INDUSTEEL FRANCE, LAMINES MARCHANDS EUROPEENS, DILLINGER FRANCE, VÍTKOVICE STEEL, A. S., THY MARCINELLE, SILCOTUB SA, TUBACEX

TUBOS INOXIDABLES SA, NERVACERO SOCIEDAD ANONIMA, CELSA FRANCE, TATA STEEL FRANCE RAIL SAS, ŽELEZIARNE PODBREZOVÁ, A.S., NLMK DANSTEEL

A/S, MANNSTAEDT GMBH, EISENBAU KRÄMER GMBH, SALZGITTER MANNESMANN STAINLESS TUBES FRANCE, BRIDON INTERNATIONAL LTD., TATA STEEL

NEDERLAND TUBES B.V., SANDVIK CHOMUTOV PRECISION TUBES, S.R.O., LORRAINE TUBES, VALLOUREC DRILLING PRODUCTS FRANCE, SOC ACIERS

D'ARMATURES POUR LE BETON, BREITENFELD EDELSTAHL AKTIENGESELLSCHAFT, ΣΙΔΕΝΟΡ ΒΙΟΜΗΧΑΝΙΚΗ ΧΑΛΥΒΑ Α.Ε., ARCELORMITTAL HUNEDOARA SA, ŽDB

DRÁTOVNA, A.S., CONDESA FABRIL SA, OFZ A.S., THYSSENKRUPP ELECTRICAL STEEL UGO, ZALAIN TRANSFORMADOS SL, ACIERIES ET LAMINOIRS DE PARIS

ALPA, EDF ELBE-DRAHTWERKE FERALPI GMBH, VALLOUREC BEARING TUBES, WALZWERKE EINSAL GESELLSCHAFT MIT BESCHRÄNKTER HAFTUNG, DUFERCO

DANISH STEEL A/S, ITON SEINE, CAPARO PRECISION TUBES LIMITED, ARCELORMITTAL FRÝDEK-MÍSTEK, A.S., INOXIDABLES DE EUSKADI SA, DONALAM SRL, FINE

TUBES LIMITED, SURAHAMMARS BRUKS AKTIEBOLAG, MARCEGAGLIA (UK) LIMITED, ACIERIES ET LAMINOIRS DE RIVES, OTELINOX SA, D&D DRÓTÁRU IPARI ÉS

KERESKEDELMI ZÁRTKÖRŰEN MŰKÖDŐ RÉSZVÉNYTÁRSASÁG, EUROPIPE FRANCE, THYSSENKRUPP GALMED SA, VALLOUREC FITTINGS, BOXHOLM STÅL

AKTIEBOLAG, MIERES TUBOS SOCIEDAD LIMITADA, SCHMOLZ+BICKENBACH A/S, ΕΡΛΙΚΟΝ Α.Β.Ε., THYSSENKRUPP SÄGENSTAHLCENTER GMBH, SPRINT METAL

EDEL- STAHLZIEHEREIEN GMBH, ADVANCED COATINGS & CONSTRUCTION SOLUTIONS, ACIERS DE CONSTRUCTION RATIONALISES, BORNAY SL, BROMFORD

IRON AND STEEL COMPANY LIMITED, METALFER POLONIA SP. Z O.O., SIDERURGIA NACIONAL - EMPRESA DE PRODUTOS LONGOS, S.A., LONGTAIN, ERASTEEL

CHAMPAGNOLE, CONDESA INOX SOCIEDAD LIMITADA, FNSTEEL DALWIRE OY AB, DUFERCO TREBOS, TREFILERIES DE FONTAINE L'EVEQUE, STEELTEC, ACIERS

ET ENERGIES DU TARN, SIDERCAD - SOCIETA' PER AZIONI, PROSALV SRL, VALLOUREC UMBILICALS, VORSKLA STEEL DENMARK A/S, BGH EDELSTAHL LUGAU

GMBH, BOCHUMER VEREIN VERKEHRSTECHNIK GMBH, BORE STEEL LIMITED, CORUS COLD DRAWN TUBES LIMITED, G. JOHN POWER LIMITED, GALLARDO, HSP

HOESCH SPUNDWAND UND PROFIL GESELLSCHAFT MIT BESCHRÄNKTER HAFTUNG, SALZGITTER MANNESMANN GROBBLECH GMBH, SALZGITTER

MANNESMANN GROßROHR GMBH, STAHLWERK BOUS GMBH


Bilanci d’Acciaio – European steel distributors (225)

БЕНТЕЛЕР ДИСТРИБЮШЪН БЪЛГАРИЯ ЕООД, FERONA A.S., SCHMOLZ + BICKENBACH S.R.O., STAPPERT ČESKÁ REPUBLIKA S.R.O., PRAGMET A.S., DUFERCO

DANISH STEEL A/S, TIBNOR A/S, RIVA ACIER, KDI KLOECKNER ET CO MULTI METAL DISTRIBUTION, BROSSETTE, ARCELORMITTAL DISTRIBUTION SOLUTIONS

FRANCE, THYSSENKRUPP MATERIALS FRANCE, STAPPERT DEUTSCHLAND GMBH, ACERINOX DEUTSCHLAND GMBH, COMPTOIR COMMERCIAL DU

LANGUEDOC, FRANKSTAHL ROHR- UND TAHLHANDELSGESELLSCHAFT M.B.H., THYSSENKRUPP MATERIALS IBERICA SA, BE GROUP OY AB, FERONA SLOVAKIA,

A.S., APERAM STAINLESS SERVICES & SOLUTIONS, BIEBER + MARBURG GMBH + CO KG, BAMESA FRANCE, ETABLISSEMENTS MAISONNEUVE, DISTEEL, SLEM -

SOCIEDADE LUSO ESPANHOLA DE METAIS LDA, IMS FRANCE, APERAM STAINLESS SERVICES & SOLUTIONS PRECISION S.A.B., PROFIEL B.V., APERAM STAINLESS

SERVICES ET SOLUTIONS TUBES EUROPE, WALZWERKE EINSAL GESELLSCHAFT MIT BESCHRÄNKTER HAFTUNG, OUTOKUMPU DISTRIBUTION FRANCE,

ARCELORMITTAL SOLUSTIL, TIBNOR OY, SA PRODUITS INDUSTRIELS ET METALLURGIQUE, VAN LEEUWEN TUBES, FLORÊNCIO AUGUSTO CHAGAS S.A., OY

KONTINO AB, DUFERCO THIONVILLE, INTER METAL DISTRIBUTION, METALUNION B.A., GEURTS-JANSSEN BEHEER B.V., BUCHER STAHLHANDEL GMBH, VALBRUNA

EDEL INOX GMBH, BOHLER UDDEHOLM FRANCE, F.RAMADA - AÇOS E INDUSTRIAS S.A., GROUPE LOPPIN ET JEAN J.SOARES CORREIA - ARMAZÉNS DE FERRO

S.A., ARNOLD AG, VAN NOORDENNE STAAL B.V., BOS GMBH, BUYSMETAL, MOREL DISTRIBUTION PROFILS, PROFILAFROID, ACEROL, COMÉRCIO E INDÚSTRIA

DE AÇOS INOXIDÁVEIS, UNIPESSOAL LDA, CMIC SAS, PLAATBEDRIJF HOLVOET OY, FLINKENBERG AB, IRISH INTERNATIONAL TRADING CORPORATION (CORK)

PUBLIC LIMITED COMPANY, HOLVOET, ANTERO & CA. S.A., FAF - PRODUTOS SIDERÚRGICOS S.A., ARCUS INOX, EDELSTAHL SERVICE CENTER BURG GMBH,

DUFERCO SPECIAL STEELS (EUROPE), CHARRON INOX, ΑΛΕΞΑΝΤΕΡ Ε.Π.Ε., CROSSROAD ACIERS, VALBRUNA FRANCE, HANS BOHNER GMBH & CO. EISEN-

UND SANITÄRGROß- HANDEL S.M.A. INTERACCIAI, MECHEL SERVICE FRANCE, EURODECOUPE, SCHMOLZ + BICKENBACH BELGIUM, PERFILES ARAGON SA,

COGNE FRANCE, STAPPERT SLOVENSKO A. S., LTB FRANCE, STAPPERT FRANCE, SRH STAHL- UND ROHR-HANDEL GMBH, HIERROS TORRES Y SAEZ SA, STAPPERT

INTRAMET, IMS PORTUGAL - COMÉRCIO DE AÇOS S.A., BENTELER DISTRIBUTION SLOVAKIA S.R.O., FIRMA AUGUST FAVEERE-DEVOS, SOGEI SA, VAN

MEERBEECK METALEN - VAN MEERBEECK METAUX, SCHMOLZ + BICKENBACH SLOVAKIA S.R.O., PROPIPE GMBH, FERLITO – FERROS DO LITORAL S.A.,

UNIVERSAL AFIR - AÇOS ESPECIAIS E FERRAMENTAS S.A., ABRASERVICE DEUTSCHLAND GMBH, CONDESA INOX SOCIEDAD LIMITADA, SCABOIS, HIC ACIERS

EURL, JACQUET BENELUX, STUCKENS METALEN, HINZE STAHL & SERVICE GMBH, SCHMOLZ + BICKENBACH FRANCE, CALIBRACIER, ELEKTRISOLA FRANCE,

GENECOS, DEVILLERS LANDRESSE, COMERCIAL BACALADERA, SOCIEDAD ANONIMA, JACQUET LYON, EST ACIERS INDUSTRIE FR., DÄHMLOW GMBH & CO.

KG, CLAESSENS WETTSTEIN ET FILS, ACIER METAL, JVCALVES - PRODUTOS SIDERÚRGICOS S.A., FIM-INOX INDUSTRIE, ABRASERVICE BELGIUM, DUFERCO-

FRANCE, VALBRUNA NORDIC OY, UDDEHOLM OY AB, DUFERCO MOREL PRODUITS PLATS, ERFI - REVESTIMENTOS E PERFILADOS LDA, BÖHLER - UDDEHOLM

SLOVAKIA S.R.O., CARDOSO, LEIRIA & VIEGAS LDA, JACQUET PARIS, SIDEX SOCIETA' A RESPONSABILITA' LIMITATA


Bilanci d’Acciaio – European steel distributors (225)

MOREL DISTRIBUTION OUEST, ANCOFED, TIBNOR SIA, BENTELER DISTRIBUTION ESTONIA OÜ, AMPCO METAL FRANCE, SCHMOLZ + BICKENBACH PORTUGAL

S.A., ARCELORMITTAL COMMERCIAL LONG FRANCE, SALZGITTER MANNESMANN (FRANCE) SARL, BENTELER FRANCE, GOFFI, JOAQUIM RIBEIRO DE SOUSA E

CASTRO S.A., FERALPI STAHLHANDEL GMBH, SCHMOLZ+BICKENBACH BALTIC SIA, ΣΤΑΣΙΝΟΠΟΥΛΟΣ - UDDEHOLM ΧΑΛΥΒΕΣ Α.Ε.Β.Ε., MOYSES CARDOSO &

CA. LDA, NLMK DISTRIBUTION FRANCE, SEMENCES INNOVATION PROTECTION RECHERCHE ET ENVIRONNEMENT, T.P.S. LUX TRADE SA, SOC EUROPEENNE DE

DISTRIBUTION DES ACI, MOREL DISTRIBUTION BELGIQUE, MARCEGAGLIA FRANCE, COMERCIAL SIDERURGICA CATALANA SL, ΣΚΛΕΡΟ Α.Ε., DEEP GREEN,

BARRETT STEEL LIMITED, TATA STEEL INTERNATIONAL (UK) LIMITED, METAL AGENCIES LIMITED, HALL & PICKLES 1812 LIMITED, BOHLER-UDDEHOLM (UK) LIMITED,

BARCLAY & MATHIESON LIMITED, DUFERCO UK LIMITED, STEEL PLATE AND SECTIONS LIMITED, SCHMOLZ+BICKENBACH (UK) LIMITED, ALL STEELS TRADING

LIMITED, BENTELER DISTRIBUTION LIMITED, DENT STEEL SERVICES (YORKSHIRE) LIMITED, MI-KING LIMITED, VALBRUNA UK LIMITED, STEMCOR SPECIAL STEELS

LIMITED, M.E.T. STEEL LIMITED, HILLSBOROUGH STEELSTOCK LIMITED, ABRAM PULMAN & SONS LIMITED, VOESTALPINE VAE UK LIMITED, EGGLESTON STEEL

LIMITED, FRANKLIN STEEL STOCKHOLDERS PLC, JACQUET (UK) LIMITED, BENTELER (U.K.) LIMITED, ERAMET ALLOYS UK LIMITED, ALU KÖNIG STAHL D.O.O.,

BÖHLER-UDDEHOLM ZAGREB D.O.O., ALUKÖNIGSTAHL FÉM – ÉS, MŰANYAG NYÍLÁSZÁRÓ ÉS, ÉPÜLETBURKOLÓ RENDSZEREKET FORGALMAZÓ KORLÁTOLT

FELELŐSSÉGŰ TÁRSASÁG, AMARI HUNGARIA KERESKEDELMI KORLÁTOLT FELELŐSSÉGŰ TÁRSASÁG, STAPPERT MAGYARORSZÁG KORLÁTOLT FELELŐSSÉGŰ

TÁRSASÁG, CARBOFERR KERESKEDŐHÁZ ZÁRTKÖRŰEN MŰKÖDŐ RÉSZVÉNYTÁRSASÁG, ITALINOX HUNGÁRIA KERESKEDELMI KORLÁTOLT FELELŐSSÉGŰ

TÁRSASÁG, RUUKKI HUNGARY KERESKEDELMI ÉS SZOLGÁLTATÓ KORLÁTOLT FELELŐSSÉGŰ TÁRSASÁG, PER-KOR KERESKEDŐHÁZ KORLÁTOLT FELELŐSSÉGŰ

TÁRSASÁG, KÖNIG SZÁLLÍTMÁNYOZÁSI ÉS SZÁLLÍTÁSI KORLÁTOLT FELELŐSSÉGŰ TÁRSASÁG, DUNAFÉM 95 KERESKEDELMI ÉS SZOLGÁLTATÓ KORLÁTOLT

FELELŐSSÉGŰ TÁRSASÁG, LOKSACÉL KERESKEDELMI KFT., UNIVERSALIA MAGYARORSZÁG KERESKEDELMI ÉS SZOLGÁLTATÓ KORLÁTOLT FELELŐSSÉGŰ

TÁRSASÁG, SCHMOLZ+BICKENBACH BALTIC UAB, UAB STAPPERT LIETUVA, UAB BE GROUP, UAB BENTELER DISTRIBUTION LITHUANIA, BRØDRENE DAHL A/S,

TENARIS GLOBAL SERVICES NORWAY AS, CELSA STEEL SERVICE AS, TATA STEEL NORWAY BYGGSYSTEMER AS, HELENS RØR AS, ACERINOX NORWAY AS,

THYSSENKRUPP ENERGOSTAL S.A., GRUPA POLSKA STAL S.A., RUUKKI POLSKA SP. Z O.O., BUDMAT BOGDAN WIĘCEK, MAXSTAL SP. Z O.O., RBS STAL SP. Z

O.O., BAMESA OŢEL SA, SIDEROM STEEL SRL, VOESTALPINE STEEL SERVICE CENTER ROMANIA SRL, MARCEGAGLIA ROMANIA SRL, VOESTALPINE STAMPTEC

ROMÂNIA SRL, LAMINORUL SA, BOHLER UDDEHOLM ROMANIA SRL, SCHMOLZ + BICKENBACH ROMANIA SRL, METAL DISTRIBUTION SRL, TIBNOR AKTIEBOLAG,

BE GROUP SVERIGE AB, ACERINOX SCANDINAVIA AB, CELSA STEEL SERVICE AB, UDDEHOLM SVENSKA AB, STAPPERT SVERIGE AB, LIVALLCO STÅL

AKTIEBOLAG, JACQUET SVERIGE AB, DTN DORSTENER TRÅD NORDEN AB



ARCELOR MITTALTHYSSENKRUPPSALGITTER MANNESMANNTENARISOUTOKUMPUVALLOURECACERINOXSSABAPERAMDEUTSCHE EDELSTAHLWERKESIDENOR HOLDING SA

EVRAZSEVERSTALNMLKMECHELMMKMETALLOINVESTTMK

ERDEMIRKARDEMIRIZMIR DEMIR CELINKBURUSAN MANNESMANN

U.S. STEELNUCOR CORP.STEEL DYNAMICS INCCOMMERCIAL METALSAK STEEL CORP.

GERDAUTERNIUMCSNUSIMINASAHMSA

NIPPON STEELJFE

KOBE STEELNISSHIN STEEL CO LTD

KYOEI STEEL LTDTOKYO STEEL CO LTD

NAKAYAMA STEEL WORKSOSAKA STEEL CO LTD

POSCOHYUNDAI STEEL

DONGKUK STEEL MILL

HEBEI STEELSHAANXI STEELWUHAN STEEL

ANSTEELCHINA STEEL CORP

SHANDONG IRON & STEELXINXING DUCTILE IRON PIPES

VALIN STEELMAASHAN STEEL

XINYU STEELNANJING STEELANYANGSTEEL

CHONGQING IRON & STEELHANGZHOU IRON & STEEL

LINGYUAN IRON & STEELGENERAL STEEL HOLDING

FANGDA STEELDELONG HOLDINGS LTDJIANGSU SHAGANG CO

BAOTOU STEEL GROUP

SAHAVIRIYA STEEL INDUSTRIES

World – our benchmark


2014 2013 2012 % 2014/2012

Revenue (mln €) 579,364 554,512 593,510 -2.4%

Gross profit (mln €) 79,232 67,845 64,240 +23.3%

Ebit (mln €) 32,344 19,909 13,507 +139.5%

Net profit (mln €) 342 -2,168 -8,690

Assets(mln €) 692,739 701,843 748,221 -7.4%

Equity (mln €) 279,220 286,474 298,057 -6.3%

Gross profit/revenue 13.7% 12.2% 10.8% +26.8%

ROA 4.7% 2.8% 1.8% +161.1%

ROS 5.6% 3.6% 2.3% +143.5%

ROE 0.1% -0.8% -2.8%

Turnover 0.84 0.79 0.79 +6.3%

Equity/Assets 0.40 0.41 0.40 0.0%

World – revenue (in euros)


-2.4%

-17.1%

+1.2%

+11.0%

-5.9%

-4.5%

+7.2%

+9.3%

-1.8%

World – ebit (in euros)


+483.7%

+44.7%

+118.5%

+62.9%+18.0%

+1,352.1%

+10.0%

World – ebit (in %)


8.0%

World – net profit (in euros)



- Ebit(% ch. 14/12) +-R

ev

en

ue

(% c

h. 1

4/1

2)

+

Ratios


Gross profit/

revenueROA ROS ROE Turnover

Equity/

Assets

EU 13.5% 3.4% 4.0% -1.0% 0.86 0.41

RUSSIA AND

UKRAINE31.1% 14.3% 13.9% -31,2% 1.03 0.27

TURKEY 17.9% 10.8% 14.9% 17.4% 0.72 0.55

USA 10.1% 7.4% 5.3% 6.6% 1.39 0.37

LATIN AMERICA 15.7% 4.8% 8.6% 3.4% 0.56 0.43

JAPAN 14.4% 4.8% 5.9% 7.4% 0.81 0.46

SOUTH KOREA 11.3% 3.6% 5.0% 2.0% 0.71 0.50

THAILAND -0.4% -2.6% -3.0% -47.3% 0.85 0.07

CHINA 13.7% 4.7% 5.6% 0.1% 0.84 0.40


- Debts (% ch. 14/12) +

-Eq

uity

(% c

h. 1

4/1

2)

+

Revenue: top ten


Revenue

(2014 - mln €)

ARCELORMITTAL 79,282

POSCO 49,138

NIPPON STEEL 38,629

JFE 26,512

NUCOR CORP. 17,383

U.S. STEEL 14,420

GERDAU 13,210

WUHAN STEEL 13,187

EVRAZ 13,061

HEBEI STEEL 13,039

Revenue

(% ch. 2014/2012)

OUTOKUMPU 50.8

ANYANGSTEEL 39.8

STEEL DYNAMICS INC 30.5

LINGYUAN IRON & STEEL 19.3

AK STEEL CORP. 19.2

WUHAN STEEL 18.4

NUCOR CORP. 18.1

HYUNDAI STEEL 14.3

XINXING DUCTILE IRON

PIPES12.7

SSAB 12.1

Ebit: top ten


Ebit

(2014 - mln €)

ARCELORMITTAL 3,212

NIPPON STEEL 2,407

POSCO 2,220

TENARIS 2,104

METALLOINVEST 1,657

SEVERSTAL 1,630

NMLK 1,598

JFE 1,533

EVRAZ 1,394

NUCOR CORP. 1,138

Ebit/revenues

(% - 2014)

METALLOINVEST 31.6

TENARIS 20.4

SEVERSTAL 19.6

KARDEMIR 18.4

ERDEMIR 18.2

CSN 17.5

NMLK 15.4

OSAKA STEEL CO LTD 13.5

BAOTOU STEEL GROUP 11.7

TERNIUM 11.4

Net profit: top ten


Net profit

(2014 - mln €)

NIPPON STEEL 1,476

TENARIS 1,343

JFE 960

NMLK 845

HYUNDAI STEEL 657

KOBE STEEL 596

NUCOR CORP. 588

ERDEMIR 586

CHINA STEEL CORP 577

POSCO 473

Net profit/revenues

(% - 2014)

KARDEMIR 15.1

ERDEMIR 14.5

TENARIS 13.0

BAOTOU STEEL GROUP 11.0

OSAKA STEEL CO LTD 9.2

NMLK 8.1

TOKYO STEEL CO LTD 6.3

NAKAYAMA STEEL WORKS 6.1

CHINA STEEL CORP 6.0

HYUNDAI STEEL 5.4

EU: 2014 results


In mln € Revenue Gross profit Ebit Net profit Assets Equity

ARCELORMITTAL 79,282 6,796 3,212 -1,086 99,179 45,160

THYSSENKRUPP 41,304 6,172 521 210 36,045 3,199

TENARIS 10,338 4,070 2,104 1.343 16,676 12,971

SALGITTER

MANNESMANN9,040 1,136 78 -32 8,493 2,876

OUTOKUMPU 6,844 130 -228 -434 6,411 2,132

VALLOUREC 5,700 1,452 485 -924 9,232 4,170

APERAM 5,482 540 299 95 5,199 2,676

SSAB 5,084 354 -30 -149 9,553 4,671

ACERINOX 4,396 1,279 289 136 4,430 1,856

DEUTSCHE

EDELSTAHLWERKE3,338 1,167 131 50 2,510 900

SIDENOR HOLDING SA 822 76 -22 -50 1,275 314

Semis producers


Balance sheet 2013 2012 2011

Current assets 55.5 54.9 57.5

Non-current assets 44.5 45.1 42.5

Debts 42.7 46.0 51.0

Equity 57.3 54.0 49.0

Income statement

Revenue 100.0 100.0 100.0

Ebit 3.1 2.1 1.5

Net result 2.3 1.3 1.2

Ratios

ROA 3.9% 2.6% 1.9%

ROS 3.1% 2.1% 1.5%

Turnover 1.3 1.3 1.3

ROE 5.3% 3.1% 3.2%

Equity/non-current assets 1.3 1.2 1.4

Debts/Equity 0.7 0.9 1.1

Rebars, beams and merchant bars producers





Debts 62.0 60.7 58.1

Equity 38.0 39.3 41.9

Income statement

Revenue 100.0 100.0 100.0

Ebit 1.4 0.7 2.4

Net result -0.4 -0.8 0.3

Ratios

ROA 2.1% 1.0% 4.1%

ROS 1.4% 0.7% 2.4%


ROE -1.4% -3.0% 1.1%



Flat producers





Debts 55.7 52.6 58.1

Equity 44.3 47.4 41.9

Income statement

Revenue 100.0 100.0 100.0

Ebit -3.7 -3.2 -2.3

Net result -3.6 -1.5 -1.9

Ratios

ROA -4.3% -3.5% -2.2%

ROS -3.7% -3.2% -2.3%


ROE -8.5% -3.3% -4.1%



Stainless steel producers





Debts 72.8 71.1 70.5

Equity 27.2 28.9 29.5

Income statement

Revenue 100.0 100.0 100.0

Ebit -1.3 -2.4 -1.4

Net result -5.1 -5.5 -3.5

Ratios

ROA -1.5% -3.0% 0.0%

ROS -1.3% -2.4% -1.4%


ROE -18.4% -19.0% -14.1%



Tubes producers





Debts 59.7 58.5 59.0

Equity 40.3 41.5 41.0

Income statement

Revenue 100.0 100.0 100.0

Ebit 1.5 2.6 2.5


Ratios

ROA 2.2% 4.2% 4.5%

ROS 1.5% 2.6% 2.5%


ROE 2.1% 6.0% 6.4%



Steel distributors





Debts 65.1 64.9 64.3

Equity 34.9 35.1 35.7

Income statement

Revenue 100.0 100.0 100.0

Ebit 0.7 1.8 1.7


Ratios

ROA 1.3% 1.7% 3.5%

ROS 0.7% 1.8% 1.7%


ROE 0.8% 1.3% 3.6%



Thanks for your attention

ContactsStefano Ferrari

+39 [email protected]

european steel sector: an analysis of the profitability of the...

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