Swiss Steel boosts its profit by SFr3.3 million
The Swiss Steel group has announced that profits in the first half of this year went up by SFr3.3 million ($1.9 million) to SFr10.3 million. Its turnover increased by almost a third to SFr310 million over last year.
The upturn in profits by 47 per cent happened against an unfavourable backdrop of a weak Euro and rising gas and scrap metal prices, according to the company.
The group, which was the result of a merger of the Von Moos group and the Von Roll steel companies, said it was more than happy with the results, which it attributed to "re-engineering and a clear marketing strategy".
The Swiss Steel Group, which produces general engineering steel, as well as reinforcing steel and steel for the machine and car industry, said its performance was due to a healthy economic climate and a good sales pitch.
The company's results for the second half of 2000 are expected to be weaker because of production stoppages during regular maintenance work.
However, Swiss Steel is confident it will improve on last year's profits of SFr17.5 million.
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