Service Centers
March 11, 2021
Klöckner’s 2020 Results Suffer from Pandemic
Written by Tim Triplett
The adverse effects on markets resulting from the COVID-19 pandemic led to a 19% decline in Klöckner & Co.’s sales in fiscal year 2020, to about 5.1 billion euros or $6.1 billion U.S., the company reported Wednesday. One of the largest steel distributors in Europe and North America, Klöckner reported a net loss of 114 million euros or $136.7 million.
“Every crisis is also an opportunity. So we do not look back over the past year with a solely negative perspective,” said Klöckner CEO Gisbert Rühl. “With the Surtsey project launched immediately after the onset of the pandemic, we gave an additional boost to our digital transformation. The resulting positive effects are now becoming increasingly visible and will lead, together with the growing demand and the high price level, to a considerably improved income in the current year.”
