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TMK European Division Q1 result Update

Steel News - Published on Wed, 22 May 2019

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Higher sales and an improved product mix drove revenue growth at the European division. However, the increase in revenue was fully offset by a negative effect of currency translation. Adjusted EBITDA declined USD 2 million, due to an increase in selling and distribution expenses relating to an import duty on certain steel products in the US under Section 232. This fully offset the positive effect of a favourable pricing environment and a notable improvement in the product mix towards higher value-added products due to the launch of the new heat treatment facility at TMK-ARTROM in early 2018.

The quarter-on-quarter performance of the European division was impacted by flat sales, reflecting some slowdown in market demand due to higher inventories accumulated by consumers in the last quarters of 2018, pricing pressure and a negative effect of currency translation.

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Posted By : Rabi Wangkhem on Wed, 22 May 2019
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