Gränges witnesses 1.5% spiked sales with lower carbon emissions in Q1 2024

Gränges, a leading provider of rolled aluminium materials based in Sweden, unveils its robust financial performance for the first quarter of 2024. Despite challenges, the company showcases resilience and strategic initiatives aimed at sustainability and growth.

In the first quarter of 2024, Gränges experienced a 1.5 per cent increase in sales volume, reaching 122,000 metric tonnes. However, net sales saw a slight decline to 5,428 million Swedish kronor. Adjusted operating profit stood at 356 million kronor, reflecting the company's ability to navigate market dynamics effectively.

Gränges demonstrates its commitment to sustainability with a notable reduction in carbon emissions intensity to 7.4 metric tonnes CO2e per metric tonne. Moreover, recycled aluminium content surged to 45.5 per cent, signalling progress towards circularity goals.

Jörgen Rosengren, Gränges President and CEO commented: "In the first quarter of 2024, market demand stabilised as downstream inventories gradually normalised in most sectors. Stable demand in automotive overall—and strong in Asia—and recovery in other markets compensated for lower-than-normal preseason shipments to HVAC customers. Our strong focus on market share gains helped drive a return to growth, and sales volume increased by 2 per cent. It is very encouraging to see these first results of our intensified sales efforts."

Gränges remains dedicated to its Navigate plan, focusing on long-term sustainable growth. Rosengren highlights initiatives to achieve net zero by 2040, including a 16 per cent reduction in carbon intensity and a remarkable 45 per cent recycling rate.

The company fosters collaborations with stakeholders sharing sustainability aspirations, reinforcing its competitive advantage. Investments in recycling capabilities and innovative aluminium solutions promote Gränges' commitment to quality and performance.

While market uncertainties persist, Gränges anticipates stronger customer demand in the second quarter of 2024. The company remains steadfast in its pursuit of market share gain and productivity, bolstering confidence in its trajectory towards leadership in the aluminium industry.

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