Economy & Politics

At 150, Paul Wurth blows a good balance sheet

Failing to celebrate its jubilee, epidemic requires, the Luxembourg specialist in industrial engineering consoles himself by revealing his 2019 balance sheet. A year marked by sales growth of 12.8%.

Patrick JACQUEMOT

Failing to celebrate its jubilee, epidemic requires, the Luxembourg specialist in industrial engineering consoles himself by revealing his 2019 balance sheet. A year marked by sales growth of 12.8%.

It is always better to have a reserve, especially in these times of crisis. And Paul Wurth, Tuesday at the time of presenting his 2019 balance sheet, could therefore be satisfied with having garnered € 479.2 million in turnover, last year and having seen its net profits (slightly) increase compared to 2018. Establishing them at 14.4 million euros at the end of a yet delicate year. Hence this sober comment: “A good vintage 2019 helps to mitigate the impact of the current global economic shock”.

This “good performance” was far from being won over the twelve months of 2019, which saw the entire steel industry being roughed up. As for ArcelorMittal (which left a deficit of two billion euros there), the Paul Wurth group saw with an anxious eye multiply international trade tensions, long-term restructuring continue and especially the market always know persistent overcapacity. In the end, the volume of new orders finally reached 426 million euros at the end of 2019.

In the area of ​​its traditional blast furnace and coking plant activities, the group had an excellent start to the year. Among the remarkable orders, we note that for two new blast furnaces placed by the Turkish group Erdemir.

In Russia, on behalf of the Severstal factory, Paul Wurth's teams will have followed the construction of a new coking plant.

In Russia, on behalf of the Severstal factory, Paul Wurth’s teams will have followed the construction of a new coking plant.

Photo: DR

This dynamic continued with the signing of contracts for the refurbishment of a gas processing and coke oven by-product installation in South Africa and for the modernization of pulverized coal injection systems in a blast furnace installation in Brazil. Not to mention several projects to refurbish blast furnaces, particularly in Europe, or the supply of engineering and equipment to Chinese coking plants.

The Paul Wurth group’s expertise has also enabled it to obtain major contracts in Russia. With, for example, the commissioning of a blast furnace with NLMK, after its complete reconstruction integrating design and in-house technologies. Same country, but on the eastern Siberian side this time, the group put into service a first hot wind system of Paul Wurth design in the ZSMK factory of Evraz. On the coking plant side, the first coke was successfully pushed from JFE Steel’s reconstructed coke oven battery in Japan.

In Luxembourg too

In addition to these industrial activities, Paul Wurth Geprolux, the group entity active in civil construction, had “a very good year”. With around 50% more orders registered than in the past. This time, it’s more on the side of Luxembourg and its yards that the credit deserves. Indeed, Geprolux intervenes for example on the construction of the new tram line, or the project management of the future national rescue center for firefighters of the CGDIS or the school and sports complex which is to open in Belval.

Paul Wurth’s momentum, national and international, was obviously cut off by the covid-19 epidemic. Enough to put on hold a number of projects but also the supply of raw materials or the maintenance service offered to customers for lack of possible travel of the teams.


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