German high-alloy steel producer Schmidt+Clemens has increased turnover by 24% in its financial year ending December 2011, the group said on Thursday May 3.

Turnover came to a total of €289 million ($381.1 million), compared with €233 million in 2010. The company said this was due to the successful performance of its spun casting division.

“Following two weaker years, revenues saw a recovery. While we managed to increase sales of the group by 24%, the margins failed to match our expectations,” md Dr Henning Kreisel said.

The total balance sheet remained broadly flat year-on-year at €124.4 million.

Elfi Middelbeek
emiddelbeek@metalbulletin.com