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S&B First-Half Profit Climbs on Higher Steel Production

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Aug. 5 (Bloomberg) -- S&B Industrial Minerals SA, a Greek minerals company, said first-half profit almost doubled as global demand for steel and industrial production in Europe and the U.S. boosted sales.

Net income climbed to 10.4 million euros ($14.7 million) from 5.6 million euros in the same period a year earlier, according to an Athens bourse filing. Sales rose 13 percent to 229.8 million euros.

The company manufactures and trades industrial minerals and ores for the steel, metallurgy and construction markets. About 60 percent of S&B’s operations relate to steel production, which has “performed very well” in the last six months, Chief Executive Officer Kriton Anavlavis said in a telephone interview today.

“We’ve come out of a sequence of very positive quarters but we are aware of what might come and we are ready to address any adverse impact,” he said. “We continuously look at our costs. What concerns us now is the raw material increases.”

Such increases can be passed on to customers, the CEO said. “I believe we are in a good position to continue doing that even in an adverse environment,” Anavlavis said.

Athens-based S&B primarily focuses on Europe, the U.S. and developing economies including Brazil, China and India.

To contact the reporter on this story: Tom Stoukas in Athens at astoukas@bloomberg.net.

To contact the editor responsible for this story: Angela Cullen at acullen8@bloomberg.net.

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