STENA METALL AB - Stena Metall Group

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Chief Executive Officer’s comments With a focus on improved production efficiency and a product and service offering designed with customers in mind, Stena Aluminium improved its income during the year despite continued weakness in the German market for aluminium alloys. Under tough market conditions with declining prices and tight competition, our recovered paper operations continued to produce good results. The development rate for products and services is very good in every market, at the same time that we established ourselves during the year as Poland’s leading waste paper company through organic growth and acquisitions. Our hazardous waste operations grew strongly in Denmark and Sweden during the fiscal year. In Mongstad, Norway we created a new, highly competitive base for development of our hazardous waste operations. Our efforts in the area we call “other production waste,” which began last year, were intensified in fiscal year 2004/2005. The business is developing positively and making a significant contribution to the Group’s overall recycling operations. Stena Metall is one of Europe’s leading electronics recyclers. During the year we Customized online services simplify waste management. They also support customers in their environmental work and in meeting legislative reporting requirements. continued to invest in new technology, capacity and know-how, at the same time that volume and income again grew. We intend to continue to grow in this area. Because of increased construction activity and positive conditions in the industrial sector, steel prices rose during the year, creating good opportunities for our Swedish steel wholesale operations. With a focus on production efficiency, logistic solutions, a broader product range and new customer-specific product and service solutions, Stena Stål developed very well. In a market with rapidly rising oil prices, Stena Oil has continued to build its business acumen by maintaining a focus on quality, safety and service. In a financial market with positive undertones, Stena Metall Finans generated a good profit. A future industry Recycling is one of the most important and effective ways to conserve our natural resources. Waste is becoming an important source of raw material, and it is becoming increasingly evident that we work in a future industry. My hope is that new EU legislation will lead to better harmonized competitive conditions within the European recycling industry. The clearer the goals in Europe’s environmental policies, the more we can invest in more efficient recycling. As the leading recycling and environmental service company in the Nordic region, we further strengthened our position during the year. Still, there is not a single area or single place where we cannot improve. With the support of long-term owners, financial strength and the business acumen of all our employees, we have a unique foundation for further improvements and growth. The positive economic picture has continued into the new fiscal year, although higher energy prices, nat- A positive work ethic is one of the Stena Metall Group’s biggest strengths, and its investments in competence development are more extensive than ever. From left: Magnus Nihlén, who manages metals operations, and Magnus Persson, production manager, at Stena Gotthard in Malmö. ural disasters and pricing uncertainty for other raw materials may cause some slowdown. If the economy continues to grow, there is a good chance that this year’s income will be in line with last year’s. Anders Jansson, Göteborg, October 2005 4
Chief Executive Officer’s comments Price trends During the past year we have seen major fluctuations in the price of our main raw materials. We are experiencing very high levels, from an historical perspective, for most ferrous and non-ferrous metals, oil and scrap. One of the biggest reasons for these volatile, high prices is China’s tremendous growth in recent years. Freight Index 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 2002 2003 2004 2005 • Very high fl uctuations during the year • Finished the year at more “normal” levels Copper Steel scrap USD/ton 4,000 3,000 2,000 1,000 0 2002 2003 2004 2005 • Biggest price gain of all metals on London Metal Exchange • Reached record high • Good demand from China • Little increase in supply USD/ton 400 300 200 100 0 2002 2003 2004 2005 • Falling for much of the year • High prices during summer 2005 • Strong demand from China and rest of Asia Aluminium Steel USD/ton 2,500 2,000 1,500 1,000 500 0 2002 2003 2004 2005 • Relatively stable price trend compared with other metals • Historically high price differential vs. copper USD/ton 600 500 400 300 200 100 0 2002 2003 2004 2005 • Falling prices for much of the year • Production cutbacks led to higher prices toward year-end • More than 1 billion tons of steel produced in 2004 Nickel Pig iron USD/ton 16,000 12,000 8,000 4,000 • Low inventories • Near record high USD/ton 400 300 200 100 • Similar trend to steel scrap • Prices fell initially before rising during the summer 0 2002 2003 2004 2005 0 2002 2003 2004 2005 Oil Corrugated board USD/barrel 80 60 40 20 0 2002 2003 2004 2005 • Highest nominal oil price ever • Increased demand has driven up prices • Low inventories • Limited refi nery capacity Euro/ton 160 120 80 40 0 1999 2000 2001 2002 2003 2004 2005 • Falling prices during the year • Weak demand 5
Page 1: STENA METALL AB Annual Report 2004/
Page 4 and 5: Chief Executive Officer’s comment
Page 8 and 9: Stena Metall Group Operations in 23
Page 10 and 11: Advances in recycling More recyclin
Page 12 and 13: Examples of recycling Recycling pro
Page 14 and 15: Competence development We are const
Page 16 and 17: Research and development Efforts to
Page 18 and 19: Recycling 16
Page 20: Recycling | Sweden Ferrous and Non-
Page 23 and 24: Recycling | Sweden ees in sorting t
Page 25 and 26: Recycling | Sweden drain cleaning a
Page 28 and 29: Recycling | Sweden Smelt aluminium
Page 30 and 31: Recycling | Denmark Recycling | Den
Page 33 and 34: Recycling | Denmark ▲ During the
Page 35: Recycling | Denmark tighten require
Page 38 and 39: Recycling | Norway Ferrous and Non-
Page 40 and 41: Recycling | Finland Recycling | Fin
Page 42 and 43: Recycling | Finland WEEE New legisl
Page 44 and 45: Recycling | Poland Recycling | Pola
Page 46 and 47: Recycling | Poland WEEE In autumn 2
Page 48 and 49: Trading 46
Page 50 and 51: Steel 48
Page 52 and 53: Olja | Stena Oil Oil 50
Page 54 and 55: Finance | Stena Metall Finans Stena
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Financial review Directors’ repor
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Financial review | The Group Income
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Financial review | The Group August
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Financial review | The Group Accoun
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Financial review | The Group Invent
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Financial review | The Group 2 Fees
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Financial review | The Group 12 Oth
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Financial review | The Group 20 Oth
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Financial review | The Group 30 Ass
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Financial review | The Group Invent
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Financial Review | Parent Company B
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Financial review | Parent Company 8
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Financial review | Parent Company 1
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Financial review | Parent Company S
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Auditors’ report To the Annual Ge
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Addresses Sweden Stena Metall AB Fi
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