US saves Klöckner from larger losses in 2012

Mar 06, 2013 | 01:56 PM | Corinna Petry

Tags  Kloeckner & Co., steel distribution, Americas sales and shipments, European sales and shipments, earnings report, Gisbert Ruhl, Macsteel Service Centers USA, Corinna Petry

CHICAGO — Metals distributor and processor Klöckner & Co. SE credits its acquisition of Macsteel Service Centers USA Inc. and strong organic growth in the United States for providing a lift in quarterly and annual revenues.

A significant decline in steel demand and pricing within a troubled European economy, however, translated into net losses, according to the Duisburg, Germany-based company, which has been rationalizing its European assets.

"We responded in a timely fashion to yet another steep drop in steel demand in Europe by stepping up our restructuring program," chairman and chief executive officer Gisbert Rühl said in a March 6 statement. "More than two-thirds of the measures are already implemented, so we can enter the new year with a tailwind despite ongoing market challenges."....

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