Avesta back in the black

Anglo-Swedish steel maker Avesta Sheffield issued an upbeat forecast for the coil products market last week, after revealing it had climbed into the black at the half-year. The company, which is 51%-owned by Corus, the merged British Steel/Koninklijke Hoogovens combine, said the gradual recovery in prices for coil products in Europe was expected to continue, […]

Anglo-Swedish steel maker Avesta Sheffield issued an upbeat forecast for the coil products market last week, after revealing it had climbed into the black at the half-year.

The company, which is 51%-owned by Corus, the merged British Steel/Koninklijke Hoogovens combine, said the gradual recovery in prices for coil products in Europe was expected to continue, helped by the rising price of nickel.

Chief executive Stuart Pettifor said the group had also seen an improvement in Asian and North American markets.

He was speaking after unveiling a six-month profit of SKr96m (£7.1m), compared with a SKr515m (£38.1m) loss at this time last year. The results reflected a cost reduction programme that has seen redundancies and changes to working practices, Pettifor said.