Cronimet reports $3B fiscal year in 2023

Germany-based global stainless steel recycling company the Cronimet Group recorded a sales figure of more than 3 billion euros ($3.23 billion) in its 2023 fiscal and calendar year, and while that figure sounds impressive, it represents a decline of around 1 billion euros ($1.08 billion) compared with its record year 2022, primarily because of the lower price of raw materials.

Nonetheless, the family owned company of facilities located around the world, including 10 trading and recycling locations in the United States, says 2023 was “very successful.”

”Despite the continuing major geopolitical challenges and the weakening economic situation, particularly in the European market environment, the family-owned company was again very successful in 2023,” Cronimet says.

“Compared to the previous year, the operating result increased by around 15 million euros ($16.12 million) to 92 million euros ($98.9 million).”

"The market was once again much more difficult in the past financial year than in previous years,” says Jürgen Pilarsky, CEO and majority shareholder of Cronimet Holding GmbH. “However, we were able to counter the continued high inflation and persistently low demand in many stainless steel processing industries through our trusting partnerships and cooperation with our customers and suppliers as well as the flexibility and professionalism of our employees.

“The year 2024 is also characterized by global uncertainties in our industry. In addition, central bank interest rates, which are important for our business model, appear to be falling more slowly than expected. Nevertheless, we are convinced that we will be able to close 2024 with a satisfactory result.”

Cronimet Chief Financial Officer Bernhard Kunsmann expresses confidence in the business’ ability to compete in the global metals recycling market.

"With our great success in 2023 under significantly more complicated conditions than in recent years, we have met all the requirements of the lending banks and extended our corporate financing once again in 2023,” Kunsmann says.

“We can therefore confidently face the upcoming challenges of the next few years with an unchanged stable financing structure and are also in a position to take advantage of any opportunities that arise.”