Bowim, Poland's leading steel company, reported a significant decline in consolidated revenue, down 33% year-on-year to PLN 514.9 million ($127.6 million), following difficulties in the third quarter. Net profit for the same period was PLN 2.3 million, down 76%. Steel sales in the nine-month period fell by 2.1% annually to 376,976 tons, while sheet sales increased by 2% to 151,018 tons. Pipe sales increased by 4% to 72,718 tons, while rebar sales increased by 20% to more than 61,086 tons.
Bowim's nine-month revenue decreased by 27% to PLN 1.61 billion, while its net profit fell by 93% to PLN 7.34 million. According to the source, the company said that the downward trend, which has been continuing since May 2022, is negatively impacting earnings, with a 40% drop in selling prices.
The Polish Steel Association forecasts a 6% year-on-year decline in Polish steel consumption for 2023, but Bowim reported a more positive outlook in terms of business volume.
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