Annual Report 2012 EUROPE BELGIUM BULGARIA ... - Duferco

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We are particularly pleased with our raw materials diversification programme which saw a volume gain of circa 50% year on year, largely driven by coking coal. trading conditions expected for 2013 and perhaps 2014. Bank support for Duferco remains strong with no formal reduction in our credit line availability due to the sovereign Eurozone debt crisis which has indirectly spilled over into the trade finance arena. Bank support was keenly demonstrated by the extension granted to our European USD 410 million medium-term committed Revolving Credit Facility. In addition, we successfully launched a USD 110 million Revolving Credit Facility in Singapore. Finally, we raised an additional tranche of USD 50 million acquisition financing as we add to our cash war chest. Whilst we continue to search for strategic investments around the world, we remain focused on investing throughout the cycle. Structured prepayment arrangements are performing in compliance with banking agreements and credit insurance coverage terms. The importance of structured finance deals to secure long-term trade flows will again become an intrinsic element in securing long-term trade flows. Our insured receivables portfolio has grown in line with our customer portfolio and our increased downstream market penetration. Despite increasing our customer base we have suffered no significant defaults or delinquencies. In closing, it is important to note that we believe 2012 was, in fact, the first year since the 2008 world economic crisis where the operating performance of all participants in the steel sector have not been distorted by strong price volatility during the year. The cost-driven price push underpinned by iron ore and coal during 2010 and 2011 was notably absent in 2012; as such, this year’s steel sector's financial results better reflect the true operating realities of the underlying businesses. This being said and given our results we can therefore look forward with a degree of confidence, but under no circumstances should we expect easier times ahead. We are ultimately in a cyclical business strongly influenced by macroeconomic winds. As such, good risk management layered upon a sound commercial platform is essential to succeed in this environment. As ever, our thanks is extended to all Duferco colleagues who worked harder and longer through 2012 to make these sets of results possible. Equally, we would like to thank our financial institutions and many customers and suppliers around the world for their continued faith in Duferco and valuable contribution to our long-term success. Trading | 19
Breakdown of trading activities sales volume by product category (Thousand Metric Tons) PRODUCT CATEGORY F.Y. 2010 F.Y. 2011 F.Y. 2012 Slabs 2,520 2,551 424 Hot rolled coils 912 826 784 Plates 679 756 1,054 Cold rolled coils 559 544 468 Galvanized products 509 563 462 Others 29 17 9 Flat products 5,208 5,257 3,200 Billets & Blooms 557 1,005 899 Beams & Merchant Bars 370 346 438 Rebars 206 165 237 Wire rod 134 117 257 Pipes 83 124 151 Others 0 6 17 Long products 1,351 1,763 1,999 Tin plate 11 17 6 Special steels 204 401 345 Silicon steels 35 28 31 Special steels 250 446 382 Steel products 6,808 7,466 5,582 Coke & Hbi 374 267 1,130 Iron ore 3,227 3,740 2,561 Coal 451 957 2,952 Scrap 324 636 593 Pig Iron 81 118 22 Vanadium 3 4 4 Others 34 66 720 Raw Materials 4,494 5,788 7,981 GRAND TOTAL 11,302 13,254 13,563 20 | Duferco Annual Report 2012
Page 1 and 2: Annual Report 2012 Europe BELGIUM B
Page 3 and 4: Contents 2 Message from THE Chairma
Page 5 and 6: Message from the Chairman 2 | Dufer
Page 7 and 8: Duferco System Key Data F.Y. 2010 F
Page 9 and 10: Sales (in Thousand Metric Tons) 6 |
Page 11 and 12: Strategy 8 | Duferco Annual Report
Page 13 and 14: Strategy Some countries of the Euro
Page 15 and 16: Strategy positive performance achie
Page 17 and 18: Strategy Concentration on electric
Page 19 and 20: Trading 16 | Duferco Annual Report
Page 21: Trading As mentioned in previous co
Page 25 and 26: Industry 22 | Duferco Annual Report
Page 27 and 28: Duferdofin - Nucor Italy Production
Page 29 and 30: Production (mt) (01/10/11 - 30/09/1
Page 31 and 32: Duferco Belgium: Long Products Divi
Page 33 and 34: Duferco Danish Steel Denmark Produc
Page 35 and 36: Duferco Steel Processing Republic o
Page 37 and 38: Vanchem Vanadium Products Republic
Page 39 and 40: Production in Fiscal Year 2012 (Met
Page 41 and 42: Distribution and service centres 38
Page 43 and 44: Distribution in Fiscal Year 2012 (M
Page 45 and 46: Energy 42 | Duferco Annual Report 2
Page 47 and 48: Energy Trading Operations Sales of
Page 49 and 50: Diversification in Belgium From yea
Page 51 and 52: Diversification in Belgium Energy E
Page 53 and 54: Shipping Duferco Shipping SA provid
Page 55 and 56: Duferco Engineering The drastic red
Page 57 and 58: Duferco Engineering Business Area:
Page 59 and 60: The Duferco System Organisation Hea
Page 61 and 62: The Duferco System Organisation Cor
Page 63 and 64: Duferco Worldwide Network s Corpora
Page 65 and 66: Duferco Worldwide Network s Corpora
Page 67 and 68: Duferco Worldwide Network Trading 1
Page 69 and 70: Fred Torgian M Europe Bromsgrove Ti
Page 71 and 72: North, Central and South America Ne
Page 73 and 74:
Duferco Worldwide Network EUROPE It
Page 75 and 76:
Duferco Worldwide Network OMEGA POW
Page 77 and 78:
Duferco Worldwide Network PORTUGAL
Page 79 and 80:
Duferco Worldwide Network MEXICO IR
Page 81 and 82:
Duferco Worldwide Network PEOPLE’
Page 83 and 84:
Duferco Worldwide Network EUROPE NO
Page 85:
Design: Graphicamente - Milano (Ita
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Annual Report 2012 EUROPE BELGIUM BULGARIA ... - Duferco

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