Positive results for Corus

Manufacturing News, Source : TheManufacturer.com
Published : 31 Aug 2006 10:24

Corus Group announces second quarter results for 2006

Corus, one of the world’s largest metal producers, has announced positive results for its second financial quarter. Profit after tax increased to £82 million compared to £45 million the previous quarter: £73 million was related to continuing operations and £9 million to discontinued operations. Operating profit from continuing operations improved from £80 million to £129 million.

Commenting on the result, Philippe Varin, chief executive said: “In the second quarter of 2006, Corus’ financial performance has benefited from a combination of the improvement in market conditions and our Restoring Success programme. The market outlook for the second half of the year is encouraging, although the blast furnace reline at IJmuiden and seasonal production shutdowns will mitigate the benefits to our income statement over this period.”

As global steel demand is expected to remain robust during the second half of this year, Corus looks to continue its profit increase well into the third quarter. Reports show that the steel industry throughout Europe and North American has seen inventory levels return to normal and selling prices increase by between 7 to 12 per cent.

Comments on this story

click here to add a comment