The Metalcorp Group expects its operations to deliver similar or better results in this fiscal year, over 2019.
According to the company’s earnings report, reduced demand from the automotive manufacturing sector due to COVID-related shutdowns impacted its business, especially in the second quarter. However, the company noted that the situation began to improve in June and expects market demand to grow steadily by the end of 2020.
The firm also noted that raw material trades across the non-ferrous segment, especially for aluminum, copper, and zinc, had exceeded expectations since June. However, aluminum production was below the budgeted capacity.
In H1, the group’s revenue and EBITDA gains stood at €228.7mn ($270.7mn) and €14.7mn, respectively, as compared to €305.4mn and €17.1mn in the first six months of 2019.
Metalcorp Group deals in steel, aluminum, and copper trading and services and also produces secondary aluminum slabs.
(€1 = $1.18)