New Blast Furnace 7, Novolipetsk Iron & Steel, Russia

Luxembourg, 9 May 2012. The ordinary General Meeting of shareholders of Paul Wurth S.A. was held on 8 May 2012 under the chairmanship of Mr. Michel Wurth to approve amongst others the financial statements of the year 2011. Despite the economic and competitive environment being more difficult, the Group still managed to close the 12M period ending on 31 December 2011 in line with the financial performance of 2010.

The conclusion of a strategic partnership with SMS group, reinforcing the development potential of Paul Wurth, is currently discussed.

Economic climate and commercial situation

Although a certain degree of optimism reigned early in 2011, the uncertainty in the economic and financial markets, especially in Europe, put a damper on the global outlook for growth. From the second half of the year onwards, iron and steel producers throughout the world were extremely cautious when it came to making investments, even to the extent of totally reconsidering some of their earlier plans to increase their production capacity.

This postponement of expansion projects had a knock-on effect on the volume of new contracts recorded in 2011 by the Paul Wurth Group (411.2 million euros) compared with the previous year. With 900.1 million euros, the Group’s order book as at 31 December 2011 continued to stay at a high level.

Operational activity

In terms of projects completed, the Group successfully finalised the following major projects in 2011:

  • new blast furnace No. 7 for Novolipetsk Iron & Steel (Russia), commissioned in August 2011;
  • new blast furnace No. 6 for Altos Hornos de México (AHMSA) at Monclova (Mexico), commissioned in April 2011;
  • modernisation of Ilva’s blast furnace No. 4 at Taranto (Italy), blown-in in April 2011;
  • construction of the new coke oven battery No. 1E at Sumitomo Metal Industries (Japan) (first coke produced in October 2011).

Results for the financial year 2011

Turnover for the year was 491.1 million euros and the Group closed the financial year with a net profit (share of the group) of 18.2 million euros, reaching practically last year’s performance.

Given these results, the General Meeting approved the payment of an unchanged gross dividend of 420 euros per share on account of the 2011 financial year.


The Group maintained its commercial presence at a high level throughout the year. Even though for some significant orders negotiations are finished but contracts have yet to come into force, the Group’s technical and commercial competences will ensure a sufficiently busy flow of work even in case the general economic fragility would continue for another few quarters.

Strategic partnership between SMS group and Paul Wurth

Paul Wurth confirms the on-going discussions with Düsseldorf based SMS group regarding a close co-operation.

Both entities hold a leading position in the metallurgical equipment and process market segment and offer a complementary product range for the steel producing industry.

Further information will be published upon execution of the contracts between the parties.

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