2022: Swiss Steel Group achieved solid results in a challenging environment

Swiss Steel Group has published its revenue and sales figures for the full-year 2022.

The most important results in brief:

• Sales volume decreased by – 11 % from 1,863 to 1,663 kilotons in 2022 with a slowdown in activity towards the end of the year and a focus on higher-margin products
• Revenue for the full-year 2022 continued to rise strongly by 27 % from EUR 3,192.8 million to EUR 4,051.4 million, supported by higher energy and raw material prices
• Adjusted EBITDA in 2022 came in higher at EUR 217.0 million versus EUR 191.6 million in 2021
• Net debt increased year over year from EUR 720.5 million to EUR 848.2 million, mainly due to sustained higher working capital. Net debt decreased by EUR 65 million compared with the end of the third quarter of 2022
• Outlook for 2023: Swiss Steel Group expects adjusted EBITDA between EUR 160 and 200 million

CEO Frank Koch comments: “Swiss Steel Group faced multiple challenges in 2022, ranging from skyrocketing energy prices to interrupted supply chains due to the volatile geopolitical environment and the shortfall from our operations in Ugine following the severe accident in early 2022. I am pleased that despite these challenges we succeeded in securing a solid result of EUR 217 million in adjusted EBITDA. This is thanks to our foresightedness, our flexibility and the exceptional commitment of our employees.

The past year has shown the necessity to stick to our strategy program SSG 2025. We are shaping the transformation of our Group in order to create value, to ensure resilience, increase performance and lay the foundation for further organic growth. In September last year we set the cornerstones for building a fully integrated Group with the debut of our new Engineering Steel, Stainless Steel and Tool Steel Divisions. In January 2023 we started rebranding all our entities under one strong name: Swiss Steel Group. Our new organizational setup leads to a more active steering of our Group and a more effective focus on customer requests and innovation. According to the recent communication about the divestment of several entities in Eastern Europe, we have also just begun to structurally reorganize our Group and to secure a solid foundation for increased performance.

We will continue our efforts in sustainable steel production. Based on our already low carbon emissions, our commitment to the Science Based Targets initiative (SBTi) and our decarbonization roadmaps, we have set ourselves ambitious goals of reducing our carbon footprint by 42 % within the next decade and of finally reaching our net zero target no later than 2040, given the framework conditions are appropriately ensured. Thanks to our unique expertise in electric arc furnace technology and highest operating standards, we are well positioned for our future target: to become the leading player for Green Steel.”