By Kari Williamson
The turnover was positively affected by accelerated demand from the aerospace sector.
But the company experienced a 51% rise in industrial capital expenditure to €492m, and was hit by falling nickel and manganese prices, as well as the overall economic climate.
Chairman and CEO Patrick Buffet, says: “Our 2011 results were affected in the second half by the deterioration in the economic climate, in particular as a result of the fall in price of nickel and manganese. Our current operating income hs nevertheless held up well, at €554m for the full-year.
“We hit some major milestones in the implementation of our development plan, which encompasses two goals: (1) to prepare the future for our existing nickel, manganese and alloys businesses; and (2) to transform ERAMET through development in new metals, new technologies and new locations.”
Looking ahead to 2012, he adds: “In 2012, the deterioration of the economic climate is expected to weigh on developed markets. But demand in emerging markets for our metals is still far from their full potential and our positive medium and long-term view is unchanged.”