Klöckner rationalizes capacity on weak EU

Nov 08, 2012 | 04:58 PM | Corinna Petry

Tags  Klöckner, metals distribution, Macsteel Service Centers USA, Namasco, Gisbert Rühl, earnings report, corinna petry

CHICAGO — Independent steel and nonferrous metals distributor Klöckner & Co. SE posted a third-quarter net loss of €28 million ($35.7 million) on a 2-percent downturn in global sales, in large part due to economic weakness in Europe and consistent price pressure on steel products over the past six months.

Klöckner, which merged its North American distribution network (Namasco) with Newport Beach, Calif.-based Macsteel Service Centers USA Inc. last year, did report stronger nine-month sales—up 7.4 percent to €5.76 billion ($7.34 billion)—largely on growing strength in the North American market.....

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