Kloeckner Q1 profits fall on U.S. steel price drop

8 May 2015

German steel distributor Kloeckner & Co's adjusted core profit fell by almost two thirds in the first quarter, and the company said on Thursday its goal of increasing core profit over the full year now looked "very ambitious".

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) fell 62 percent to 17 million euros ($19 million), beating the average forecast of 14 million in a Reuters poll, as steel prices in the United States declined sharply.