The impact of the Ukrainian war on BE Group
The Russian invasion of Ukraine has created an extraordinary situation that we have not experienced up close in modern times. BE Group strongly condemns Russia's invasion of Ukraine and the aggression directed against Ukraine and its people.
Russia and Ukraine are major producers of iron ore and other inputs and European manufacturers are importing parts of their coal needs from Russia. It is clear that the war will have a major impact on the European steel market with shortages and sharp price increases as a consequence.
About 10% of BE Group's total steel purchases in 2021 came from Russian-controlled steel producers. BE Group has immediately stopped orders and payments to companies subject to global sanctions.
“BE Group is monitoring the development closely. We expect that this geopolitical situation will affect global supply chains and are therefore reviewing what can be done proactively to secure the delivery of steel and our ability to support our customers during these challenging times”, says Peter Andersson, President and CEO at BE Group.
Ukraine and its civilian population are in great need of support. BE Group will therefore donate SEK 1 million divided between UNHCR and UNICEF.
For further information, please contact:
Peter Andersson, President and CEO
Tel: +46 706 53 76 55, email: peter.andersson@begroup.com
BE Group AB (publ), which is listed on the Nasdaq Stockholm exchange, is a trading and service company in steel, stainless steel and aluminium. BE Group offers efficient distribution and value-adding production services to customers primarily in the construction and manufacturing industries. In 2021, the Group reported sales of SEK 5.4 billion. BE Group has approximately 630 employees, with Sweden and Finland as its largest markets. The head office is located in Malmö, Sweden. Read more about BE Group at www.begroup.com.
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