Romanian industrial pipe maker Silcotub doubles earnings in 2021
Romanian industrial pipe manufacturer Silcotub, part of the international group Tenaris controlled by the Italian Rocca family and the second-largest steel company in Romania (after Liberty Galati), reported a turnover of over RON 2.6 bln (EUR 533.3 mln) in 2021, 59% higher compared to 2020, according to the company’s filing to the Ministry of Finance.
The company achieved a net profit of over RON 258.8 mln (EUR 52.6 mln), double compared to the previous year. The company reached an average of 1,656 employees last year, 177 more than in the year before.
The outlook for the company is not bullish though, given the rise in energy prices. The company decided to put on ice plans to develop two new capacities this year under USD 45 mln investments, Ziarul Financiar reported.
Under its most recent project, it completed a USD 8 mln investment three years ago for the refurbishment of the pipe finishing line.
(Photo source: TenarisSilcotub Facebook page)