Konsbruck told the board that, after more than a decade, the time is right for Afarak to benefit from a change of perspective under a new CEO. He will continue in the role for the next seven and a half months.
Earnings have weakened since 2025
Afarak’s 2025 revenue rose to EUR 141.3 million from EUR 128.6 million, but EBITDA fell to EUR -0.2 million from EUR 2.6 million and the loss for the year widened to EUR 8.9 million. The company pointed to a contracting EU steel industry, cheap imports, high energy costs and carbon costs.
In H1 2026, revenue fell 25.9% to EUR 57.1 million and EBITDA to EUR 1.6 million from EUR 6.9 million, as Konsbruck described steep declines in consumption in Europe’s automotive and oil and gas sectors. Production for the first nine months was up 17.9%, driven by the South African mines.
In July, Afarak began weighing a EUR 200 million steel project in Croatia
In July, Afarak said it was evaluating the purchase of the ABS Sisak metal factory in Croatia from a company in the Danieli Group, with plans to restart production and install a rebar line of about 500,000 tonnes a year. It put the total value of the project, including a Danieli mini mill, at about EUR 200 million and said there were no binding obligations at that stage.
The search for Konsbruck’s successor will be run by a three-member board chaired by Thorstein Abrahamsen, re-elected at the June AGM.
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