DUISBURG (dpa-AFX) - Kloeckner & Co SE (KCO), a producer of steel and metal products, reported that its net income attributable to shareholder for the fourth-quarter was 21 million euros or 0.20 euros per share compared to a loss of 51 million euros or 0.51 euros per share in the prior year.
Earnings before, interest, taxes, depreciation and amortization or EBITDA climbed to 54 million euros from 3 million euros last year.
But sales for the quarter declined to 1.23 billion euros from 1.37 billion euros in the previous year.
The company said it is well on track to generate over 60% of Group sales via digital channels in 2022, thus exceeding its own target. Digitalization and further optimization measures associated with the project Surtsey should contribute more than 100 million euros to earnings by the end of 2021.
For the first quarter of 2021, the company expects an extraordinarily high operating income or EBITDA of 110 million euros - 130 million euros before material special effects.
For fiscal year 2021, Klöckner & Co expects a significant rise in real steel demand and consequently a considerable increase in sales, despite the ongoing COVID-19 pandemic. The Group expects very considerable growth in operating income (EBITDA) before material special effects.
As part of restructuring measures, more than 80% of the planned reduction in the workforce by a total of about 1,200 positions in Europe and the USA has already been implemented.
Copyright RTT News/dpa-AFX
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