Lower scrap prices: Cronimet’s turnover shrinks by EUR 1 billion 

A turnover of more than EUR 3 billion for 2023 reported by German stainless steel recycling major Cronimet Group was EUR 1 billion down on its record year of 2022, primarily caused by fluctuating scrap metal prices.

Despite ongoing geopolitical challenges and a weakening economic climate, particularly in Europe, the family-owned company says it had a successful year. The operating result increased by EUR 15 million to EUR 92 million.

Steady partnerships

‘The market was significantly more challenging this past financial year than in previous years,’ says ceo Jürgen Pilarsky. ‘However, we managed to navigate high inflation and persistently low demand in many stainless steel processing industries through our trusted partnerships with customers and suppliers, as well as the flexibility and professionalism of our employees.’

Pilarsky expects ‘global uncertainties’ to continue to dominate the broad metal industry in 2024. ‘Additionally, central bank interest rates, crucial for our business model, seem to be decreasing more slowly than anticipated. Nevertheless, we are confident we will achieve a satisfactory result.’

Robust financial health

Despite ‘significantly more complicated conditions’, Cronimet has managed to remain financially healthy and meet all the requirements of its lending banks and extend its corporate financing once again, according to cfo Bernhard Kunsmann. ‘We can 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.’