Euro Steel, one of Denmark's largest steel companies, has reported a drop in revenue of 100 million DKK in 2024. This is the first time in several years that the company has failed to achieve a profit of more than 100 million DKK, and the accounts show a profit after tax of almost 85 million DKK. This is reported by Jp.dk.
Despite the lower profit, the management believes that the result is satisfactory under the given circumstances. The management, which consists of the wealthy brothers Michael and Morten Kristoffer Larsen, emphasizes in a report that the company's development has been characterized by the work with green steel production and the implementation of a more sustainable profile in the supply chain.
But it is not only the green initiatives that have challenged the steel brothers. The US tariff war has had a significant impact on the industry, as a 25 percent tariff on steel imported into the US has hit the steel industry hard. Furthermore, the political situation in Ukraine and Russia has not eased, and the prospect of lifting the sanctions on Russian steel seems far away.
- As in previous years, developments in the financial year have been characterised by uncertainty regarding demand for steel in Europe, which, combined with uncertain tariff walls in the steel market, has meant a continued risk factor for both delivery, pricing and sales of steel, writes Morten Kristoffer Larsen in the accounts.
Morten Kristoffer Larsen, who is the wealthiest of the two brothers and has been mentioned several times on the list of Denmark's richest people, states that his holding company Euro Steel 1988 has seen a decline in turnover of almost 159 million. DKK. This decline is primarily attributed to the steel trade, while turnover in other parts of the business has increased.
The accounts for Euro Steel also highlight the continuing challenges with tariff walls. - Uncertain tariff walls in the steel market continue to be a risk factor for delivery and pricing of steel, the company says.
Expectations for 2025 are also lower than in 2024. Euro Steel expects a result of between 50-80 million DKK in the coming year.
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