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The group’s revenues increased by 8.4% to €342.2 million (approximately $421.9 million), compared to the same period in 2009 (€315.8 million or ~ $389.3 million). The group’s EBIT rose by 124.8% to €31.7 million (~ $39.1 million), compared to the first quarter of 2009 (€14.1 million or ~ $17.4 million). The EBIT increased 4.5% to 9.3%. The strong earnings development was due to better capacity usage, earnings effects of the cost optimization program implemented in 2009, and the success of the company’s new plant concept, which provides for maximum flexibility.
RHI benefitted from its global positioning in the Steel and Industrial Divisions in the first quarter of 2010; the Steel Division, in particular, recorded substantial growth. Based on RHI’s good market position and growing demand product, prices remained stable.
Compared with the fourth quarter of 2009, the first quarter of 2010 showed a largely stable development. With revenues improving (€336.7 million or ~ $415.1 million in the fourth quarter of 2009), the operating result remained constant at €33.6 million (~ $41.4 million). In the fourth quarter of 2009, EBIT contained impairment losses and restructuring expenses of roughly €11.5 million (~ $14.2 million). In the first quarter of 2010, these amounted to €1.9 million (~ $2.3 million).
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