International steel trader Stemcor reported its profit continued to fall over the first half despite higher revenues and volumes. Stemcor cautioned there is “some uncertainty about the strength of steel prices in the second half,” following a drop in operating margins.
“Our raw materials trading business performed strongly, though our international trading business in steel, while profitable, was below budget,” Stemcor’s chairman Ralph Oppenheimer wrote. “Our steel distribution interests had an excellent first half. Our stockholding and service centre businesses all performed well with the exception of Stemcor Special Steels, but we are confident that this business, serving the oil industry, will begin to trade profitably in the second half of the year.”