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SIJ group's figures improve in Q1 after tough 2023

Ljubljana, 10 May (STA) - The steel group SIJ generated EUR 286.6 million in sales revenue in the first quarter of the year, an increase of 33% over the final quarter of 2023, and sold 93,400 tonnes of products, up 48% over the previous quarter, show its results, released on Friday.


Earnings before interest, taxes, depreciation and amortisation (EBITDA) reached EUR 18.3 million in the first quarter, and the group invested EUR 20.3 million.

The figures are an improvement after a demanding 2023, when the group's revenue was down by 23% over the year before to just over a billion euro. the group reported EUR 18.8 million in net loss last year, following a profit of EUR 95.4 million in 2022.

Its cost was driven up by high energy prices for two consecutive years and last year the group significantly reduced its production volume. In the final quarter of 2023, is started increasing production volume once again.

"We are moderately optimistic about 2024," CEO Andrey Zubitskiy was quoted as saying earlier this year. The group has enough orders for standard steel for a few months in advance, and has enough specialised steel orders for the first half of the year, he added.

The group also announced today that it was considering issuing commercial papers to fund operating capital. Concrete decisions about the issue, such as the interest rate and total nominal value will be made based on market conditions and investor interest.

The payments are expected for the first half of June. This will be SIJ's first commercial paper issue since 2021, after having completed several issues during the Covid-19 pandemic.

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